Correlation Between Genfit and Gushen
Can any of the company-specific risk be diversified away by investing in both Genfit and Gushen 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 Genfit and Gushen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genfit and Gushen Inc, you can compare the effects of market volatilities on Genfit and Gushen 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 Genfit with a short position of Gushen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genfit and Gushen.
Diversification Opportunities for Genfit and Gushen
Average diversification
The 3 months correlation between Genfit and Gushen is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Genfit and Gushen Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gushen Inc and Genfit 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 Genfit are associated (or correlated) with Gushen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gushen Inc has no effect on the direction of Genfit i.e., Genfit and Gushen go up and down completely randomly.
Pair Corralation between Genfit and Gushen
If you would invest 2,270 in Gushen Inc on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Gushen Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Genfit vs. Gushen Inc
Performance |
| Timeline |
| Genfit |
| Gushen Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Genfit and Gushen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genfit and Gushen
The main advantage of trading using opposite Genfit and Gushen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genfit position performs unexpectedly, Gushen 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 Gushen will offset losses from the drop in Gushen's long position.| Genfit vs. Eliem Therapeutics | Genfit vs. HCW Biologics | Genfit vs. Molecular Partners AG | Genfit vs. MediciNova |
| Gushen vs. Genfit | Gushen vs. Kite Realty Group | Gushen vs. Mind Medicine | Gushen vs. Independence Realty Trust |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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