Correlation Between GFL ENVIRONM(SUBVTSH and JIAHUA STORES
Can any of the company-specific risk be diversified away by investing in both GFL ENVIRONM(SUBVTSH and JIAHUA STORES 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 GFL ENVIRONM(SUBVTSH and JIAHUA STORES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GFL ENVIRONM and JIAHUA STORES, you can compare the effects of market volatilities on GFL ENVIRONM(SUBVTSH and JIAHUA STORES 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 GFL ENVIRONM(SUBVTSH with a short position of JIAHUA STORES. Check out your portfolio center. Please also check ongoing floating volatility patterns of GFL ENVIRONM(SUBVTSH and JIAHUA STORES.
Diversification Opportunities for GFL ENVIRONM(SUBVTSH and JIAHUA STORES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GFL and JIAHUA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GFL ENVIRONM and JIAHUA STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIAHUA STORES and GFL ENVIRONM(SUBVTSH 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 GFL ENVIRONM are associated (or correlated) with JIAHUA STORES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIAHUA STORES has no effect on the direction of GFL ENVIRONM(SUBVTSH i.e., GFL ENVIRONM(SUBVTSH and JIAHUA STORES go up and down completely randomly.
Pair Corralation between GFL ENVIRONM(SUBVTSH and JIAHUA STORES
If you would invest 3,010 in GFL ENVIRONM on December 4, 2024 and sell it today you would earn a total of 1,410 from holding GFL ENVIRONM or generate 46.84% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 99.8% |
Values | Daily Returns |
GFL ENVIRONM vs. JIAHUA STORES
Performance |
Timeline |
GFL ENVIRONM(SUBVTSH |
JIAHUA STORES |
GFL ENVIRONM(SUBVTSH and JIAHUA STORES Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GFL ENVIRONM(SUBVTSH and JIAHUA STORES
The main advantage of trading using opposite GFL ENVIRONM(SUBVTSH and JIAHUA STORES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GFL ENVIRONM(SUBVTSH position performs unexpectedly, JIAHUA STORES 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 JIAHUA STORES will offset losses from the drop in JIAHUA STORES's long position.GFL ENVIRONM(SUBVTSH vs. URBAN OUTFITTERS | GFL ENVIRONM(SUBVTSH vs. JSC Halyk bank | GFL ENVIRONM(SUBVTSH vs. UNIQA INSURANCE GR | GFL ENVIRONM(SUBVTSH vs. TOREX SEMICONDUCTOR LTD |
JIAHUA STORES vs. Chengdu PUTIAN Telecommunications | JIAHUA STORES vs. GAZTRTECHNIUADR15EO01 | JIAHUA STORES vs. GLG LIFE TECH | JIAHUA STORES vs. Genscript Biotech |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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