Correlation Between Greenhill and Up Fintech
Can any of the company-specific risk be diversified away by investing in both Greenhill and Up Fintech at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Greenhill and Up Fintech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Greenhill Co and Up Fintech Holding, you can compare the effects of market volatilities on Greenhill and Up Fintech 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 Greenhill with a short position of Up Fintech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greenhill and Up Fintech.
Diversification Opportunities for Greenhill and Up Fintech
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Greenhill and TIGR is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Greenhill Co and Up Fintech Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Up Fintech Holding and Greenhill 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 Greenhill Co are associated (or correlated) with Up Fintech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Up Fintech Holding has no effect on the direction of Greenhill i.e., Greenhill and Up Fintech go up and down completely randomly.
Pair Corralation between Greenhill and Up Fintech
If you would invest 1,473 in Greenhill Co on August 25, 2024 and sell it today you would earn a total of 0.00 from holding Greenhill Co or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Greenhill Co vs. Up Fintech Holding
Performance |
| Timeline |
| Greenhill |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Up Fintech Holding |
Greenhill and Up Fintech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Greenhill and Up Fintech
The main advantage of trading using opposite Greenhill and Up Fintech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greenhill position performs unexpectedly, Up Fintech 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 Up Fintech will offset losses from the drop in Up Fintech's long position.| Greenhill vs. Magic Empire Global | Greenhill vs. Applied Blockchain | Greenhill vs. Zhong Yang Financial | Greenhill vs. Netcapital |
| Up Fintech vs. Bit Digital | Up Fintech vs. Marathon Digital Holdings | Up Fintech vs. Xp Inc | Up Fintech vs. Bitfarms |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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