Correlation Between Empire State and Gansu Yasheng
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By analyzing existing cross correlation between Empire State Realty and Gansu Yasheng Industrial, you can compare the effects of market volatilities on Empire State 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 Empire State with a short position of Gansu Yasheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Empire State and Gansu Yasheng.
Diversification Opportunities for Empire State and Gansu Yasheng
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Empire and Gansu is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Empire State Realty 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 Empire State 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 Empire State Realty 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 Empire State i.e., Empire State and Gansu Yasheng go up and down completely randomly.
Pair Corralation between Empire State and Gansu Yasheng
Given the investment horizon of 90 days Empire State is expected to generate 2.2 times less return on investment than Gansu Yasheng. But when comparing it to its historical volatility, Empire State Realty is 2.0 times less risky than Gansu Yasheng. It trades about 0.11 of its potential returns per unit of risk. Gansu Yasheng Industrial is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 281.00 in Gansu Yasheng Industrial on August 30, 2024 and sell it today you would earn a total of 17.00 from holding Gansu Yasheng Industrial or generate 6.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Empire State Realty vs. Gansu Yasheng Industrial
Performance |
| Timeline |
| Empire State Realty |
| Gansu Yasheng Industrial |
Empire State and Gansu Yasheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Empire State and Gansu Yasheng
The main advantage of trading using opposite Empire State and Gansu Yasheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Empire State 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.| Empire State vs. Paramount Group | Empire State vs. Hudson Pacific Properties | Empire State vs. Equity Commonwealth | Empire State vs. Douglas Emmett |
| Gansu Yasheng vs. BeiGene | Gansu Yasheng vs. Kweichow Moutai Co | Gansu Yasheng vs. Beijing Roborock Technology | Gansu Yasheng vs. G bits Network Technology |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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