Correlation Between Ingenic Semiconductor and Gansu Jiu
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By analyzing existing cross correlation between Ingenic Semiconductor and Gansu Jiu Steel, you can compare the effects of market volatilities on Ingenic Semiconductor and Gansu Jiu 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 Ingenic Semiconductor with a short position of Gansu Jiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ingenic Semiconductor and Gansu Jiu.
Diversification Opportunities for Ingenic Semiconductor and Gansu Jiu
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ingenic and Gansu is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Ingenic Semiconductor and Gansu Jiu Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gansu Jiu Steel and Ingenic Semiconductor 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 Ingenic Semiconductor are associated (or correlated) with Gansu Jiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gansu Jiu Steel has no effect on the direction of Ingenic Semiconductor i.e., Ingenic Semiconductor and Gansu Jiu go up and down completely randomly.
Pair Corralation between Ingenic Semiconductor and Gansu Jiu
Assuming the 90 days trading horizon Ingenic Semiconductor is expected to generate 1.53 times more return on investment than Gansu Jiu. However, Ingenic Semiconductor is 1.53 times more volatile than Gansu Jiu Steel. It trades about 0.03 of its potential returns per unit of risk. Gansu Jiu Steel is currently generating about 0.02 per unit of risk. If you would invest 5,779 in Ingenic Semiconductor on October 7, 2024 and sell it today you would earn a total of 398.00 from holding Ingenic Semiconductor or generate 6.89% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Ingenic Semiconductor vs. Gansu Jiu Steel
Performance |
Timeline |
Ingenic Semiconductor |
Gansu Jiu Steel |
Ingenic Semiconductor and Gansu Jiu Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ingenic Semiconductor and Gansu Jiu
The main advantage of trading using opposite Ingenic Semiconductor and Gansu Jiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ingenic Semiconductor position performs unexpectedly, Gansu Jiu 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 Gansu Jiu will offset losses from the drop in Gansu Jiu's long position.Ingenic Semiconductor vs. Metro Investment Development | Ingenic Semiconductor vs. Harbin Hatou Investment | Ingenic Semiconductor vs. Inspur Software Co | Ingenic Semiconductor vs. Xiamen Insight 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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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