Correlation Between Rosinbomb and Greenland Technologies
Can any of the company-specific risk be diversified away by investing in both Rosinbomb and Greenland Technologies 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 Rosinbomb and Greenland Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rosinbomb and Greenland Technologies Holding, you can compare the effects of market volatilities on Rosinbomb and Greenland Technologies 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 Rosinbomb with a short position of Greenland Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rosinbomb and Greenland Technologies.
Diversification Opportunities for Rosinbomb and Greenland Technologies
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Rosinbomb and Greenland is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Rosinbomb and Greenland Technologies Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenland Technologies and Rosinbomb 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 Rosinbomb are associated (or correlated) with Greenland Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenland Technologies has no effect on the direction of Rosinbomb i.e., Rosinbomb and Greenland Technologies go up and down completely randomly.
Pair Corralation between Rosinbomb and Greenland Technologies
Given the investment horizon of 90 days Rosinbomb is expected to generate 10.25 times less return on investment than Greenland Technologies. But when comparing it to its historical volatility, Rosinbomb is 3.53 times less risky than Greenland Technologies. It trades about 0.04 of its potential returns per unit of risk. Greenland Technologies Holding is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 20.00 in Greenland Technologies Holding on September 3, 2024 and sell it today you would lose (14.80) from holding Greenland Technologies Holding or give up 74.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.85% |
| Values | Daily Returns |
Rosinbomb vs. Greenland Technologies Holding
Performance |
| Timeline |
| Rosinbomb |
| Greenland Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Rosinbomb and Greenland Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rosinbomb and Greenland Technologies
The main advantage of trading using opposite Rosinbomb and Greenland Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rosinbomb position performs unexpectedly, Greenland Technologies 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 Greenland Technologies will offset losses from the drop in Greenland Technologies' long position.| Rosinbomb vs. Dear Cashmere Holding | Rosinbomb vs. Goff Corp | Rosinbomb vs. Wialan Technologies | Rosinbomb vs. Cgrowth Capital |
| Greenland Technologies vs. Precision Drilling | Greenland Technologies vs. Kite Realty Group | Greenland Technologies vs. ATRenew Inc DRC | Greenland Technologies vs. The Gap, |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |