Correlation Between GRG Banking and Chongqing Rural
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By analyzing existing cross correlation between GRG Banking Equipment and Chongqing Rural Commercial, you can compare the effects of market volatilities on GRG Banking and Chongqing Rural 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 GRG Banking with a short position of Chongqing Rural. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and Chongqing Rural.
Diversification Opportunities for GRG Banking and Chongqing Rural
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GRG and Chongqing is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment and Chongqing Rural Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Rural Comm and GRG Banking 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 GRG Banking Equipment are associated (or correlated) with Chongqing Rural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Rural Comm has no effect on the direction of GRG Banking i.e., GRG Banking and Chongqing Rural go up and down completely randomly.
Pair Corralation between GRG Banking and Chongqing Rural
Assuming the 90 days trading horizon GRG Banking Equipment is expected to under-perform the Chongqing Rural. In addition to that, GRG Banking is 1.14 times more volatile than Chongqing Rural Commercial. It trades about -0.5 of its total potential returns per unit of risk. Chongqing Rural Commercial is currently generating about 0.14 per unit of volatility. If you would invest 576.00 in Chongqing Rural Commercial on October 11, 2024 and sell it today you would earn a total of 26.00 from holding Chongqing Rural Commercial or generate 4.51% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
GRG Banking Equipment vs. Chongqing Rural Commercial
Performance |
Timeline |
GRG Banking Equipment |
Chongqing Rural Comm |
GRG Banking and Chongqing Rural Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GRG Banking and Chongqing Rural
The main advantage of trading using opposite GRG Banking and Chongqing Rural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking position performs unexpectedly, Chongqing Rural 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 Chongqing Rural will offset losses from the drop in Chongqing Rural's long position.GRG Banking vs. Jiangsu Yueda Investment | ||
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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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