Correlation Between Apple and GRG Banking
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By analyzing existing cross correlation between Apple Inc and GRG Banking Equipment, you can compare the effects of market volatilities on Apple and GRG Banking and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Apple with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apple and GRG Banking.
Diversification Opportunities for Apple and GRG Banking
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Apple and GRG is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Apple Inc and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Apple is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Apple Inc are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Apple i.e., Apple and GRG Banking go up and down completely randomly.
Pair Corralation between Apple and GRG Banking
Given the investment horizon of 90 days Apple Inc is expected to under-perform the GRG Banking. But the stock apears to be less risky and, when comparing its historical volatility, Apple Inc is 1.81 times less risky than GRG Banking. The stock trades about -0.31 of its potential returns per unit of risk. The GRG Banking Equipment is currently generating about -0.12 of returns per unit of risk over similar time horizon. If you would invest 1,495 in GRG Banking Equipment on December 24, 2024 and sell it today you would lose (134.00) from holding GRG Banking Equipment or give up 8.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apple Inc vs. GRG Banking Equipment
Performance |
| Timeline |
| Apple Inc |
| GRG Banking Equipment |
Apple and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apple and GRG Banking
The main advantage of trading using opposite Apple and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apple position performs unexpectedly, GRG Banking can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in GRG Banking will offset losses from the drop in GRG Banking's long position.The idea behind Apple Inc and GRG Banking Equipment pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| GRG Banking vs. New Hope Dairy | GRG Banking vs. Soochow Suzhou Industrial | GRG Banking vs. Western Metal Materials | GRG Banking vs. Zijin Mining Group |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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