Correlation Between GACM Technologies and One 97
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By analyzing existing cross correlation between GACM Technologies Limited and One 97 Communications, you can compare the effects of market volatilities on GACM Technologies and One 97 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 GACM Technologies with a short position of One 97. Check out your portfolio center. Please also check ongoing floating volatility patterns of GACM Technologies and One 97.
Diversification Opportunities for GACM Technologies and One 97
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between GACM and One is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding GACM Technologies Limited and One 97 Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on One 97 Communications and GACM Technologies 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 GACM Technologies Limited are associated (or correlated) with One 97. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of One 97 Communications has no effect on the direction of GACM Technologies i.e., GACM Technologies and One 97 go up and down completely randomly.
Pair Corralation between GACM Technologies and One 97
Assuming the 90 days trading horizon GACM Technologies Limited is expected to generate 0.45 times more return on investment than One 97. However, GACM Technologies Limited is 2.23 times less risky than One 97. It trades about 0.14 of its potential returns per unit of risk. One 97 Communications is currently generating about -0.29 per unit of risk. If you would invest 92.00 in GACM Technologies Limited on October 28, 2024 and sell it today you would earn a total of 4.00 from holding GACM Technologies Limited or generate 4.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GACM Technologies Limited vs. One 97 Communications
Performance |
| Timeline |
| GACM Technologies |
| One 97 Communications |
GACM Technologies and One 97 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GACM Technologies and One 97
The main advantage of trading using opposite GACM Technologies and One 97 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GACM Technologies position performs unexpectedly, One 97 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 One 97 will offset losses from the drop in One 97's long position.| GACM Technologies vs. Silver Touch Technologies | GACM Technologies vs. Mask Investments Limited | GACM Technologies vs. Industrial Investment Trust | GACM Technologies vs. LT Technology Services |
| One 97 vs. Kingfa Science Technology | One 97 vs. Rico Auto Industries | One 97 vs. GACM Technologies Limited | One 97 vs. COSMO FIRST 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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