Correlation Between Wasu Media and Anhui Gujing
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By analyzing existing cross correlation between Wasu Media Holding and Anhui Gujing Distillery, you can compare the effects of market volatilities on Wasu Media and Anhui Gujing 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 Wasu Media with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wasu Media and Anhui Gujing.
Diversification Opportunities for Wasu Media and Anhui Gujing
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Wasu and Anhui is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Wasu Media Holding and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery and Wasu Media 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 Wasu Media Holding are associated (or correlated) with Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of Wasu Media i.e., Wasu Media and Anhui Gujing go up and down completely randomly.
Pair Corralation between Wasu Media and Anhui Gujing
Assuming the 90 days trading horizon Wasu Media Holding is expected to generate 0.76 times more return on investment than Anhui Gujing. However, Wasu Media Holding is 1.31 times less risky than Anhui Gujing. It trades about 0.08 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.01 per unit of risk. If you would invest 596.00 in Wasu Media Holding on November 3, 2024 and sell it today you would earn a total of 123.00 from holding Wasu Media Holding or generate 20.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wasu Media Holding vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Wasu Media Holding |
| Anhui Gujing Distillery |
Wasu Media and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wasu Media and Anhui Gujing
The main advantage of trading using opposite Wasu Media and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wasu Media position performs unexpectedly, Anhui Gujing 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 Anhui Gujing will offset losses from the drop in Anhui Gujing's long position.| Wasu Media vs. GigaDevice SemiconductorBeiji | Wasu Media vs. Nanjing Putian Telecommunications | Wasu Media vs. Wintao Communications Co | Wasu Media vs. Sinomach Automobile Co |
| Anhui Gujing vs. Jinhe Biotechnology Co | Anhui Gujing vs. Guangdong Marubi Biotechnology | Anhui Gujing vs. Yankershop Food Co | Anhui Gujing vs. Pinlive Foods Co |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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