Correlation Between Lander Sports and Anyang Iron
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By analyzing existing cross correlation between Lander Sports Development and Anyang Iron Steel, you can compare the effects of market volatilities on Lander Sports and Anyang Iron 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 Lander Sports with a short position of Anyang Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Anyang Iron.
Diversification Opportunities for Lander Sports and Anyang Iron
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Lander and Anyang is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Anyang Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anyang Iron Steel and Lander Sports 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 Lander Sports Development are associated (or correlated) with Anyang Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anyang Iron Steel has no effect on the direction of Lander Sports i.e., Lander Sports and Anyang Iron go up and down completely randomly.
Pair Corralation between Lander Sports and Anyang Iron
Assuming the 90 days trading horizon Lander Sports Development is expected to generate 1.73 times more return on investment than Anyang Iron. However, Lander Sports is 1.73 times more volatile than Anyang Iron Steel. It trades about 0.08 of its potential returns per unit of risk. Anyang Iron Steel is currently generating about 0.02 per unit of risk. If you would invest 310.00 in Lander Sports Development on November 30, 2024 and sell it today you would earn a total of 26.00 from holding Lander Sports Development or generate 8.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lander Sports Development vs. Anyang Iron Steel
Performance |
| Timeline |
| Lander Sports Development |
| Anyang Iron Steel |
Lander Sports and Anyang Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lander Sports and Anyang Iron
The main advantage of trading using opposite Lander Sports and Anyang Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Anyang Iron 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 Anyang Iron will offset losses from the drop in Anyang Iron's long position.| Lander Sports vs. Hubei Huaqiang High Tech | Lander Sports vs. iSoftStone Information Technology | Lander Sports vs. AVIC Fund Management | Lander Sports vs. China Asset Management |
| Anyang Iron vs. HanS Laser Tech | Anyang Iron vs. Elec Tech International Co | Anyang Iron vs. Liuzhou Iron Steel | Anyang Iron vs. Longshine Technology 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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