Correlation Between Yindu Kitchen and GRINM Semiconductor
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By analyzing existing cross correlation between Yindu Kitchen Equipment and GRINM Semiconductor Materials, you can compare the effects of market volatilities on Yindu Kitchen and GRINM Semiconductor 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 Yindu Kitchen with a short position of GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and GRINM Semiconductor.
Diversification Opportunities for Yindu Kitchen and GRINM Semiconductor
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Yindu and GRINM is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor and Yindu Kitchen 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 Yindu Kitchen Equipment are associated (or correlated) with GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between Yindu Kitchen and GRINM Semiconductor
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to under-perform the GRINM Semiconductor. But the stock apears to be less risky and, when comparing its historical volatility, Yindu Kitchen Equipment is 2.0 times less risky than GRINM Semiconductor. The stock trades about -0.01 of its potential returns per unit of risk. The GRINM Semiconductor Materials is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 948.00 in GRINM Semiconductor Materials on September 26, 2024 and sell it today you would earn a total of 261.00 from holding GRINM Semiconductor Materials or generate 27.53% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Yindu Kitchen Equipment vs. GRINM Semiconductor Materials
Performance |
Timeline |
Yindu Kitchen Equipment |
GRINM Semiconductor |
Yindu Kitchen and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yindu Kitchen and GRINM Semiconductor
The main advantage of trading using opposite Yindu Kitchen and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, GRINM Semiconductor 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor's long position.Yindu Kitchen vs. Nanxing Furniture Machinery | Yindu Kitchen vs. Sportsoul Co Ltd | Yindu Kitchen vs. Shantui Construction Machinery | Yindu Kitchen vs. Dazhong Transportation Group |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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