Correlation Between Anhui Gujing and Rising Nonferrous
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By analyzing existing cross correlation between Anhui Gujing Distillery and Rising Nonferrous Metals, you can compare the effects of market volatilities on Anhui Gujing and Rising Nonferrous 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 Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Rising Nonferrous.
Diversification Opportunities for Anhui Gujing and Rising Nonferrous
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anhui and Rising is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals 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 Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Anhui Gujing and Rising Nonferrous
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to under-perform the Rising Nonferrous. In addition to that, Anhui Gujing is 1.29 times more volatile than Rising Nonferrous Metals. It trades about -0.05 of its total potential returns per unit of risk. Rising Nonferrous Metals is currently generating about 0.04 per unit of volatility. If you would invest 2,735 in Rising Nonferrous Metals on September 1, 2024 and sell it today you would earn a total of 257.00 from holding Rising Nonferrous Metals or generate 9.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Rising Nonferrous Metals
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Rising Nonferrous Metals |
Anhui Gujing and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Rising Nonferrous
The main advantage of trading using opposite Anhui Gujing and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' 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 |
| Rising Nonferrous vs. Zijin Mining Group | Rising Nonferrous vs. Wanhua Chemical Group | Rising Nonferrous vs. Baoshan Iron Steel | Rising Nonferrous vs. Shandong Gold Mining |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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