Correlation Between Anhui Gujing and Digiwin Software
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By analyzing existing cross correlation between Anhui Gujing Distillery and Digiwin Software Co, you can compare the effects of market volatilities on Anhui Gujing and Digiwin Software 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 Digiwin Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Digiwin Software.
Diversification Opportunities for Anhui Gujing and Digiwin Software
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Anhui and Digiwin is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Digiwin Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Digiwin Software 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 Digiwin Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Digiwin Software has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Digiwin Software go up and down completely randomly.
Pair Corralation between Anhui Gujing and Digiwin Software
Assuming the 90 days trading horizon Anhui Gujing is expected to generate 2.0 times less return on investment than Digiwin Software. But when comparing it to its historical volatility, Anhui Gujing Distillery is 1.54 times less risky than Digiwin Software. It trades about 0.1 of its potential returns per unit of risk. Digiwin Software Co is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,613 in Digiwin Software Co on October 18, 2024 and sell it today you would earn a total of 858.00 from holding Digiwin Software Co or generate 53.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Digiwin Software Co
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Digiwin Software |
Anhui Gujing and Digiwin Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Digiwin Software
The main advantage of trading using opposite Anhui Gujing and Digiwin Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Digiwin Software 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 Digiwin Software will offset losses from the drop in Digiwin Software's long position.| Anhui Gujing vs. Puya Semiconductor Shanghai | Anhui Gujing vs. Guangzhou Jointas Chemical | Anhui Gujing vs. Liaoning Dingjide Petrochemical | Anhui Gujing vs. Nexchip Semiconductor Corp |
| Digiwin Software vs. Malion New Materials | Digiwin Software vs. Anhui Gujing Distillery | Digiwin Software vs. Tongling Nonferrous Metals | Digiwin Software vs. Beijing Shunxin Agriculture |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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