Correlation Between Anhui Gujing and Easyhome New
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By analyzing existing cross correlation between Anhui Gujing Distillery and Easyhome New Retail, you can compare the effects of market volatilities on Anhui Gujing and Easyhome New 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 Anhui Gujing with a short position of Easyhome New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Easyhome New.
Diversification Opportunities for Anhui Gujing and Easyhome New
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Anhui and Easyhome is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Easyhome New Retail in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Easyhome New Retail and Anhui Gujing 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 Anhui Gujing Distillery are associated (or correlated) with Easyhome New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Easyhome New Retail has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Easyhome New go up and down completely randomly.
Pair Corralation between Anhui Gujing and Easyhome New
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to generate 0.37 times more return on investment than Easyhome New. However, Anhui Gujing Distillery is 2.69 times less risky than Easyhome New. It trades about -0.05 of its potential returns per unit of risk. Easyhome New Retail is currently generating about -0.09 per unit of risk. If you would invest 16,931 in Anhui Gujing Distillery on November 3, 2024 and sell it today you would lose (323.00) from holding Anhui Gujing Distillery or give up 1.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Easyhome New Retail
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Easyhome New Retail |
Anhui Gujing and Easyhome New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Easyhome New
The main advantage of trading using opposite Anhui Gujing and Easyhome New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Easyhome New 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 Easyhome New will offset losses from the drop in Easyhome New's long position.| Anhui Gujing vs. Eastroc Beverage Group | Anhui Gujing vs. UE Furniture Co | Anhui Gujing vs. Jiangsu Financial Leasing | Anhui Gujing vs. Ziel Home Furnishing |
| Easyhome New vs. Chinese Universe Publishing | Easyhome New vs. COL Digital Publishing | Easyhome New vs. Wintao Communications Co | Easyhome New vs. Bank of Communications |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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