Correlation Between CareRay Digital and Gem Year
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By analyzing existing cross correlation between CareRay Digital Medical and Gem Year Industrial Co, you can compare the effects of market volatilities on CareRay Digital and Gem Year 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 CareRay Digital with a short position of Gem Year. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Gem Year.
Diversification Opportunities for CareRay Digital and Gem Year
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CareRay and Gem is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical and Gem Year Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gem Year Industrial and CareRay Digital 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 CareRay Digital Medical are associated (or correlated) with Gem Year. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gem Year Industrial has no effect on the direction of CareRay Digital i.e., CareRay Digital and Gem Year go up and down completely randomly.
Pair Corralation between CareRay Digital and Gem Year
Assuming the 90 days trading horizon CareRay Digital Medical is expected to under-perform the Gem Year. In addition to that, CareRay Digital is 1.32 times more volatile than Gem Year Industrial Co. It trades about -0.01 of its total potential returns per unit of risk. Gem Year Industrial Co is currently generating about 0.0 per unit of volatility. If you would invest 491.00 in Gem Year Industrial Co on September 26, 2024 and sell it today you would lose (42.00) from holding Gem Year Industrial Co or give up 8.55% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
CareRay Digital Medical vs. Gem Year Industrial Co
Performance |
Timeline |
CareRay Digital Medical |
Gem Year Industrial |
CareRay Digital and Gem Year Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CareRay Digital and Gem Year
The main advantage of trading using opposite CareRay Digital and Gem Year positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital position performs unexpectedly, Gem Year 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 Gem Year will offset losses from the drop in Gem Year's long position.CareRay Digital vs. Fiberhome Telecommunication Technologies | CareRay Digital vs. Jiujiang Shanshui Technology | CareRay Digital vs. SUNSEA Telecommunications Co | CareRay Digital vs. Kuang Chi Technologies |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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