Correlation Between Anhui Gujing and Huizhou Speed
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By analyzing existing cross correlation between Anhui Gujing Distillery and Huizhou Speed Wireless, you can compare the effects of market volatilities on Anhui Gujing and Huizhou Speed 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 Huizhou Speed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Huizhou Speed.
Diversification Opportunities for Anhui Gujing and Huizhou Speed
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anhui and Huizhou is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Huizhou Speed Wireless in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huizhou Speed Wireless 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 Huizhou Speed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huizhou Speed Wireless has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Huizhou Speed go up and down completely randomly.
Pair Corralation between Anhui Gujing and Huizhou Speed
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to generate 0.54 times more return on investment than Huizhou Speed. However, Anhui Gujing Distillery is 1.86 times less risky than Huizhou Speed. It trades about -0.07 of its potential returns per unit of risk. Huizhou Speed Wireless is currently generating about -0.06 per unit of risk. If you would invest 17,127 in Anhui Gujing Distillery on October 28, 2024 and sell it today you would lose (456.00) from holding Anhui Gujing Distillery or give up 2.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Huizhou Speed Wireless
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Huizhou Speed Wireless |
Anhui Gujing and Huizhou Speed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Huizhou Speed
The main advantage of trading using opposite Anhui Gujing and Huizhou Speed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Huizhou Speed 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 Huizhou Speed will offset losses from the drop in Huizhou Speed's long position.| Anhui Gujing vs. Chengdu Kanghua Biological | Anhui Gujing vs. Beijing Wantai Biological | Anhui Gujing vs. Suzhou Novoprotein Scientific | Anhui Gujing vs. Aluminum Corp of |
| Huizhou Speed vs. Weihai Honglin Electronic | Huizhou Speed vs. Dongguan Tarry Electronics | Huizhou Speed vs. Heilongjiang Publishing Media | Huizhou Speed vs. Shuhua Sports 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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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