Correlation Between Jilin Chemical and Anhui Transport
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By analyzing existing cross correlation between Jilin Chemical Fibre and Anhui Transport Consulting, you can compare the effects of market volatilities on Jilin Chemical and Anhui Transport 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 Jilin Chemical with a short position of Anhui Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Chemical and Anhui Transport.
Diversification Opportunities for Jilin Chemical and Anhui Transport
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jilin and Anhui is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Chemical Fibre and Anhui Transport Consulting in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Transport Cons and Jilin Chemical 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 Jilin Chemical Fibre are associated (or correlated) with Anhui Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Transport Cons has no effect on the direction of Jilin Chemical i.e., Jilin Chemical and Anhui Transport go up and down completely randomly.
Pair Corralation between Jilin Chemical and Anhui Transport
Assuming the 90 days trading horizon Jilin Chemical is expected to generate 28.0 times less return on investment than Anhui Transport. In addition to that, Jilin Chemical is 1.01 times more volatile than Anhui Transport Consulting. It trades about 0.0 of its total potential returns per unit of risk. Anhui Transport Consulting is currently generating about 0.03 per unit of volatility. If you would invest 753.00 in Anhui Transport Consulting on September 5, 2024 and sell it today you would earn a total of 224.00 from holding Anhui Transport Consulting or generate 29.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jilin Chemical Fibre vs. Anhui Transport Consulting
Performance |
| Timeline |
| Jilin Chemical Fibre |
| Anhui Transport Cons |
Jilin Chemical and Anhui Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin Chemical and Anhui Transport
The main advantage of trading using opposite Jilin Chemical and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Chemical position performs unexpectedly, Anhui Transport 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 Transport will offset losses from the drop in Anhui Transport's long position.| Jilin Chemical vs. Zijin Mining Group | Jilin Chemical vs. Wanhua Chemical Group | Jilin Chemical vs. Baoshan Iron Steel | Jilin Chemical vs. Shandong Gold Mining |
| Anhui Transport vs. Jilin Chemical Fibre | Anhui Transport vs. North Huajin Chemical | Anhui Transport vs. Shaanxi Beiyuan Chemical | Anhui Transport vs. Beijing Jiaman Dress |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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