Correlation Between Anhui Gujing and Contec Medical
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By analyzing existing cross correlation between Anhui Gujing Distillery and Contec Medical Systems, you can compare the effects of market volatilities on Anhui Gujing and Contec Medical 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 Contec Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Contec Medical.
Diversification Opportunities for Anhui Gujing and Contec Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anhui and Contec is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Contec Medical Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contec Medical Systems 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 Contec Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contec Medical Systems has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Contec Medical go up and down completely randomly.
Pair Corralation between Anhui Gujing and Contec Medical
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to under-perform the Contec Medical. In addition to that, Anhui Gujing is 1.06 times more volatile than Contec Medical Systems. It trades about -0.05 of its total potential returns per unit of risk. Contec Medical Systems is currently generating about 0.03 per unit of volatility. If you would invest 1,490 in Contec Medical Systems on September 1, 2024 and sell it today you would earn a total of 67.00 from holding Contec Medical Systems or generate 4.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Contec Medical Systems
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Contec Medical Systems |
Anhui Gujing and Contec Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Contec Medical
The main advantage of trading using opposite Anhui Gujing and Contec Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Contec Medical 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 Contec Medical will offset losses from the drop in Contec Medical's long position.| Anhui Gujing vs. Will Semiconductor Co | Anhui Gujing vs. Zhongtong Guomai Communication | Anhui Gujing vs. Wuhan Yangtze Communication | Anhui Gujing vs. GRINM Semiconductor Materials |
| Contec Medical vs. Nanjing Putian Telecommunications | Contec Medical vs. Shenzhen Hifuture Electric | Contec Medical vs. Tianjin Realty Development | Contec Medical vs. Shenyang Huitian Thermal |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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