Correlation Between GRINM Semiconductor and Yindu Kitchen
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By analyzing existing cross correlation between GRINM Semiconductor Materials and Yindu Kitchen Equipment, you can compare the effects of market volatilities on GRINM Semiconductor and Yindu Kitchen 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 GRINM Semiconductor with a short position of Yindu Kitchen. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRINM Semiconductor and Yindu Kitchen.
Diversification Opportunities for GRINM Semiconductor and Yindu Kitchen
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between GRINM and Yindu is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding GRINM Semiconductor Materials and Yindu Kitchen Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yindu Kitchen Equipment and GRINM 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 GRINM Semiconductor Materials are associated (or correlated) with Yindu Kitchen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yindu Kitchen Equipment has no effect on the direction of GRINM Semiconductor i.e., GRINM Semiconductor and Yindu Kitchen go up and down completely randomly.
Pair Corralation between GRINM Semiconductor and Yindu Kitchen
Assuming the 90 days trading horizon GRINM Semiconductor Materials is expected to generate 2.0 times more return on investment than Yindu Kitchen. However, GRINM Semiconductor is 2.0 times more volatile than Yindu Kitchen Equipment. It trades about 0.11 of its potential returns per unit of risk. Yindu Kitchen Equipment is currently generating about -0.01 per unit of risk. 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 |
GRINM Semiconductor Materials vs. Yindu Kitchen Equipment
Performance |
Timeline |
GRINM Semiconductor |
Yindu Kitchen Equipment |
GRINM Semiconductor and Yindu Kitchen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GRINM Semiconductor and Yindu Kitchen
The main advantage of trading using opposite GRINM Semiconductor and Yindu Kitchen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRINM Semiconductor position performs unexpectedly, Yindu Kitchen 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 Yindu Kitchen will offset losses from the drop in Yindu Kitchen's long position.GRINM Semiconductor vs. Hainan Airlines Co | GRINM Semiconductor vs. Quectel Wireless Solutions | GRINM Semiconductor vs. Jiangsu Xinri E Vehicle | GRINM Semiconductor vs. Zhongshan Broad Ocean Motor |
Yindu Kitchen vs. Nanxing Furniture Machinery | Yindu Kitchen vs. Sportsoul Co Ltd | Yindu Kitchen vs. Shantui Construction Machinery | Yindu Kitchen vs. Dazhong Transportation Group |
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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