Correlation Between Guangzhou Jinyi and Flat Glass
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By analyzing existing cross correlation between Guangzhou Jinyi Media and Flat Glass Group, you can compare the effects of market volatilities on Guangzhou Jinyi and Flat Glass 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 Guangzhou Jinyi with a short position of Flat Glass. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jinyi and Flat Glass.
Diversification Opportunities for Guangzhou Jinyi and Flat Glass
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Guangzhou and Flat is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jinyi Media and Flat Glass Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flat Glass Group and Guangzhou Jinyi 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 Guangzhou Jinyi Media are associated (or correlated) with Flat Glass. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flat Glass Group has no effect on the direction of Guangzhou Jinyi i.e., Guangzhou Jinyi and Flat Glass go up and down completely randomly.
Pair Corralation between Guangzhou Jinyi and Flat Glass
Assuming the 90 days trading horizon Guangzhou Jinyi Media is expected to generate 1.64 times more return on investment than Flat Glass. However, Guangzhou Jinyi is 1.64 times more volatile than Flat Glass Group. It trades about 0.04 of its potential returns per unit of risk. Flat Glass Group is currently generating about -0.27 per unit of risk. If you would invest 696.00 in Guangzhou Jinyi Media on October 9, 2024 and sell it today you would earn a total of 20.00 from holding Guangzhou Jinyi Media or generate 2.87% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 97.62% |
Values | Daily Returns |
Guangzhou Jinyi Media vs. Flat Glass Group
Performance |
Timeline |
Guangzhou Jinyi Media |
Flat Glass Group |
Guangzhou Jinyi and Flat Glass Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Guangzhou Jinyi and Flat Glass
The main advantage of trading using opposite Guangzhou Jinyi and Flat Glass positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jinyi position performs unexpectedly, Flat Glass 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 Flat Glass will offset losses from the drop in Flat Glass' long position.Guangzhou Jinyi vs. Shanghai Ziyan Foods | Guangzhou Jinyi vs. Xiangpiaopiao Food Co | Guangzhou Jinyi vs. Xinjiang Tianrun Dairy | Guangzhou Jinyi vs. Guilin Seamild Foods |
Flat Glass vs. Kweichow Moutai Co | Flat Glass vs. Contemporary Amperex Technology | Flat Glass vs. G bits Network Technology | Flat Glass vs. Beijing Roborock Technology |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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