Correlation Between Washington Mutual and Gansu Yasheng
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By analyzing existing cross correlation between Washington Mutual Investors and Gansu Yasheng Industrial, you can compare the effects of market volatilities on Washington Mutual and Gansu Yasheng 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 Washington Mutual with a short position of Gansu Yasheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Washington Mutual and Gansu Yasheng.
Diversification Opportunities for Washington Mutual and Gansu Yasheng
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Washington and Gansu is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Washington Mutual Investors and Gansu Yasheng Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gansu Yasheng Industrial and Washington Mutual 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 Washington Mutual Investors are associated (or correlated) with Gansu Yasheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gansu Yasheng Industrial has no effect on the direction of Washington Mutual i.e., Washington Mutual and Gansu Yasheng go up and down completely randomly.
Pair Corralation between Washington Mutual and Gansu Yasheng
Assuming the 90 days horizon Washington Mutual is expected to generate 2.0 times less return on investment than Gansu Yasheng. But when comparing it to its historical volatility, Washington Mutual Investors is 2.5 times less risky than Gansu Yasheng. It trades about 0.05 of its potential returns per unit of risk. Gansu Yasheng Industrial is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 241.00 in Gansu Yasheng Industrial on November 3, 2024 and sell it today you would earn a total of 39.00 from holding Gansu Yasheng Industrial or generate 16.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.14% |
| Values | Daily Returns |
Washington Mutual Investors vs. Gansu Yasheng Industrial
Performance |
| Timeline |
| Washington Mutual |
| Gansu Yasheng Industrial |
Washington Mutual and Gansu Yasheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Washington Mutual and Gansu Yasheng
The main advantage of trading using opposite Washington Mutual and Gansu Yasheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Washington Mutual position performs unexpectedly, Gansu Yasheng 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 Gansu Yasheng will offset losses from the drop in Gansu Yasheng's long position.| Washington Mutual vs. Neuberger Berman Real | Washington Mutual vs. Dunham Real Estate | Washington Mutual vs. Real Estate Ultrasector | Washington Mutual vs. Texton Property |
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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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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