Correlation Between Guangdong Investment and 090572AR9
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By analyzing existing cross correlation between Guangdong Investment Limited and BIO 33 15 MAR 27, you can compare the effects of market volatilities on Guangdong Investment and 090572AR9 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 Guangdong Investment with a short position of 090572AR9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Investment and 090572AR9.
Diversification Opportunities for Guangdong Investment and 090572AR9
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Guangdong and 090572AR9 is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Investment Limited and BIO 33 15 MAR 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIO 33 15 and Guangdong Investment 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 Guangdong Investment Limited are associated (or correlated) with 090572AR9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIO 33 15 has no effect on the direction of Guangdong Investment i.e., Guangdong Investment and 090572AR9 go up and down completely randomly.
Pair Corralation between Guangdong Investment and 090572AR9
Assuming the 90 days horizon Guangdong Investment Limited is expected to under-perform the 090572AR9. In addition to that, Guangdong Investment is 1.84 times more volatile than BIO 33 15 MAR 27. It trades about -0.21 of its total potential returns per unit of risk. BIO 33 15 MAR 27 is currently generating about -0.21 per unit of volatility. If you would invest 9,673 in BIO 33 15 MAR 27 on September 13, 2024 and sell it today you would lose (333.00) from holding BIO 33 15 MAR 27 or give up 3.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 80.95% |
| Values | Daily Returns |
Guangdong Investment Limited vs. BIO 33 15 MAR 27
Performance |
| Timeline |
| Guangdong Investment |
| BIO 33 15 |
Guangdong Investment and 090572AR9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Investment and 090572AR9
The main advantage of trading using opposite Guangdong Investment and 090572AR9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Investment position performs unexpectedly, 090572AR9 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 090572AR9 will offset losses from the drop in 090572AR9's long position.| Guangdong Investment vs. Essential Utilities | Guangdong Investment vs. Guangdong Investment | Guangdong Investment vs. Anhui Conch Cement | Guangdong Investment vs. Beijing Enterprises Water |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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