Correlation Between Gem Year and SI TECH
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By analyzing existing cross correlation between Gem Year Industrial Co and SI TECH Information Technology, you can compare the effects of market volatilities on Gem Year and SI TECH 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 Gem Year with a short position of SI TECH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gem Year and SI TECH.
Diversification Opportunities for Gem Year and SI TECH
Very weak diversification
The 3 months correlation between Gem and 300608 is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Gem Year Industrial Co and SI TECH Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SI TECH Information and Gem Year 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 Gem Year Industrial Co are associated (or correlated) with SI TECH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SI TECH Information has no effect on the direction of Gem Year i.e., Gem Year and SI TECH go up and down completely randomly.
Pair Corralation between Gem Year and SI TECH
Assuming the 90 days trading horizon Gem Year Industrial Co is expected to generate 0.55 times more return on investment than SI TECH. However, Gem Year Industrial Co is 1.82 times less risky than SI TECH. It trades about 0.02 of its potential returns per unit of risk. SI TECH Information Technology is currently generating about -0.09 per unit of risk. If you would invest 446.00 in Gem Year Industrial Co on September 26, 2024 and sell it today you would earn a total of 3.00 from holding Gem Year Industrial Co or generate 0.67% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Gem Year Industrial Co vs. SI TECH Information Technology
Performance |
Timeline |
Gem Year Industrial |
SI TECH Information |
Gem Year and SI TECH Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Gem Year and SI TECH
The main advantage of trading using opposite Gem Year and SI TECH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gem Year position performs unexpectedly, SI TECH 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 SI TECH will offset losses from the drop in SI TECH's long position.Gem Year vs. Winner Medical Co | Gem Year vs. Jiujiang Shanshui Technology | Gem Year vs. CareRay Digital Medical | Gem Year vs. Tianshui Huatian Technology |
SI TECH vs. Kweichow Moutai Co | SI TECH vs. Shenzhen Mindray Bio Medical | SI TECH vs. Jiangsu Pacific Quartz | SI TECH vs. G bits Network 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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