Correlation Between Anhui Gujing and Accelink Technologies
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By analyzing existing cross correlation between Anhui Gujing Distillery and Accelink Technologies Co, you can compare the effects of market volatilities on Anhui Gujing and Accelink Technologies 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 Accelink Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Accelink Technologies.
Diversification Opportunities for Anhui Gujing and Accelink Technologies
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anhui and Accelink is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Accelink Technologies Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelink Technologies 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 Accelink Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelink Technologies has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Accelink Technologies go up and down completely randomly.
Pair Corralation between Anhui Gujing and Accelink Technologies
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to generate 0.62 times more return on investment than Accelink Technologies. However, Anhui Gujing Distillery is 1.61 times less risky than Accelink Technologies. It trades about -0.18 of its potential returns per unit of risk. Accelink Technologies Co is currently generating about -0.24 per unit of risk. If you would invest 20,766 in Anhui Gujing Distillery on September 13, 2024 and sell it today you would lose (1,242) from holding Anhui Gujing Distillery or give up 5.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Accelink Technologies Co
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Accelink Technologies |
Anhui Gujing and Accelink Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Accelink Technologies
The main advantage of trading using opposite Anhui Gujing and Accelink Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Accelink Technologies 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 Accelink Technologies will offset losses from the drop in Accelink Technologies' long position.| Anhui Gujing vs. China Life Insurance | Anhui Gujing vs. Cinda Securities Co | Anhui Gujing vs. Piotech Inc A | Anhui Gujing vs. Dongxing Sec Co |
| Accelink Technologies vs. Qumei Furniture Group | Accelink Technologies vs. Suofeiya Home Collection | Accelink Technologies vs. UE Furniture Co | Accelink Technologies vs. Guangdong Shenglu Telecommunication |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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