Correlation Between GKHT Medical and Beijing Mainstreets
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By analyzing existing cross correlation between GKHT Medical Technology and Beijing Mainstreets Investment, you can compare the effects of market volatilities on GKHT Medical and Beijing Mainstreets 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 GKHT Medical with a short position of Beijing Mainstreets. Check out your portfolio center. Please also check ongoing floating volatility patterns of GKHT Medical and Beijing Mainstreets.
Diversification Opportunities for GKHT Medical and Beijing Mainstreets
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GKHT and Beijing is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding GKHT Medical Technology and Beijing Mainstreets Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Mainstreets and GKHT Medical 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 GKHT Medical Technology are associated (or correlated) with Beijing Mainstreets. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Mainstreets has no effect on the direction of GKHT Medical i.e., GKHT Medical and Beijing Mainstreets go up and down completely randomly.
Pair Corralation between GKHT Medical and Beijing Mainstreets
Assuming the 90 days trading horizon GKHT Medical Technology is expected to generate 1.14 times more return on investment than Beijing Mainstreets. However, GKHT Medical is 1.14 times more volatile than Beijing Mainstreets Investment. It trades about 0.15 of its potential returns per unit of risk. Beijing Mainstreets Investment is currently generating about 0.15 per unit of risk. If you would invest 914.00 in GKHT Medical Technology on September 12, 2024 and sell it today you would earn a total of 298.00 from holding GKHT Medical Technology or generate 32.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 98.28% |
Values | Daily Returns |
GKHT Medical Technology vs. Beijing Mainstreets Investment
Performance |
Timeline |
GKHT Medical Technology |
Beijing Mainstreets |
GKHT Medical and Beijing Mainstreets Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GKHT Medical and Beijing Mainstreets
The main advantage of trading using opposite GKHT Medical and Beijing Mainstreets positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GKHT Medical position performs unexpectedly, Beijing Mainstreets 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 Beijing Mainstreets will offset losses from the drop in Beijing Mainstreets' long position.GKHT Medical vs. Industrial and Commercial | GKHT Medical vs. Kweichow Moutai Co | GKHT Medical vs. Agricultural Bank of | GKHT Medical vs. China Mobile Limited |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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