Correlation Between 36Kr Holdings and Grom Social
Can any of the company-specific risk be diversified away by investing in both 36Kr Holdings and Grom Social 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 36Kr Holdings and Grom Social into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 36Kr Holdings and Grom Social Enterprises, you can compare the effects of market volatilities on 36Kr Holdings and Grom Social 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 36Kr Holdings with a short position of Grom Social. Check out your portfolio center. Please also check ongoing floating volatility patterns of 36Kr Holdings and Grom Social.
Diversification Opportunities for 36Kr Holdings and Grom Social
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 36Kr and Grom is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding 36Kr Holdings and Grom Social Enterprises in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grom Social Enterprises and 36Kr Holdings 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 36Kr Holdings are associated (or correlated) with Grom Social. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grom Social Enterprises has no effect on the direction of 36Kr Holdings i.e., 36Kr Holdings and Grom Social go up and down completely randomly.
Pair Corralation between 36Kr Holdings and Grom Social
If you would invest 339.00 in 36Kr Holdings on November 18, 2024 and sell it today you would earn a total of 194.00 from holding 36Kr Holdings or generate 57.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
36Kr Holdings vs. Grom Social Enterprises
Performance |
| Timeline |
| 36Kr Holdings |
| Grom Social Enterprises |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
36Kr Holdings and Grom Social Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 36Kr Holdings and Grom Social
The main advantage of trading using opposite 36Kr Holdings and Grom Social positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 36Kr Holdings position performs unexpectedly, Grom Social 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 Grom Social will offset losses from the drop in Grom Social's long position.| 36Kr Holdings vs. Yunji Inc | 36Kr Holdings vs. Fangdd Network Group | 36Kr Holdings vs. Huize Holding | 36Kr Holdings vs. MOGU Inc |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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