Correlation Between WiMi Hologram and GENERAL
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By analyzing existing cross correlation between WiMi Hologram Cloud and GENERAL ELEC CAP, you can compare the effects of market volatilities on WiMi Hologram and GENERAL 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 WiMi Hologram with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of WiMi Hologram and GENERAL.
Diversification Opportunities for WiMi Hologram and GENERAL
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between WiMi and GENERAL is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding WiMi Hologram Cloud and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP and WiMi Hologram 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 WiMi Hologram Cloud are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of WiMi Hologram i.e., WiMi Hologram and GENERAL go up and down completely randomly.
Pair Corralation between WiMi Hologram and GENERAL
Given the investment horizon of 90 days WiMi Hologram Cloud is expected to generate 3.41 times more return on investment than GENERAL. However, WiMi Hologram is 3.41 times more volatile than GENERAL ELEC CAP. It trades about 0.06 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about -0.03 per unit of risk. If you would invest 74.00 in WiMi Hologram Cloud on September 2, 2024 and sell it today you would earn a total of 9.00 from holding WiMi Hologram Cloud or generate 12.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 48.44% |
| Values | Daily Returns |
WiMi Hologram Cloud vs. GENERAL ELEC CAP
Performance |
| Timeline |
| WiMi Hologram Cloud |
| GENERAL ELEC CAP |
WiMi Hologram and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WiMi Hologram and GENERAL
The main advantage of trading using opposite WiMi Hologram and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WiMi Hologram position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| WiMi Hologram vs. National CineMedia | WiMi Hologram vs. Baosheng Media Group | WiMi Hologram vs. Townsquare Media | WiMi Hologram vs. Dolphin Entertainment |
| GENERAL vs. Barings BDC | GENERAL vs. Mills Music Trust | GENERAL vs. HUTCHMED DRC | GENERAL vs. Juniata Valley Financial |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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