Correlation Between Skillful Craftsman and GENERAL
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By analyzing existing cross correlation between Skillful Craftsman Education and GENERAL ELEC CAP, you can compare the effects of market volatilities on Skillful Craftsman and GENERAL 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 Skillful Craftsman with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skillful Craftsman and GENERAL.
Diversification Opportunities for Skillful Craftsman and GENERAL
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Skillful and GENERAL is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Skillful Craftsman Education and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP and Skillful Craftsman 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 Skillful Craftsman Education are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Skillful Craftsman i.e., Skillful Craftsman and GENERAL go up and down completely randomly.
Pair Corralation between Skillful Craftsman and GENERAL
Given the investment horizon of 90 days Skillful Craftsman Education is expected to generate 1.92 times more return on investment than GENERAL. However, Skillful Craftsman is 1.92 times more volatile than GENERAL ELEC CAP. It trades about 0.03 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.04 per unit of risk. If you would invest 105.00 in Skillful Craftsman Education on September 5, 2024 and sell it today you would earn a total of 4.00 from holding Skillful Craftsman Education or generate 3.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 54.4% |
| Values | Daily Returns |
Skillful Craftsman Education vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Skillful Craftsman |
| GENERAL ELEC CAP |
Skillful Craftsman and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Skillful Craftsman and GENERAL
The main advantage of trading using opposite Skillful Craftsman and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skillful Craftsman position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Skillful Craftsman vs. Wah Fu Education | Skillful Craftsman vs. Golden Sun Education | Skillful Craftsman vs. Elite Education Group | Skillful Craftsman vs. QuantaSing Group Limited |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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