Correlation Between Anhui Gujing and Chinese Universe
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Gujing Distillery and Chinese Universe Publishing, you can compare the effects of market volatilities on Anhui Gujing and Chinese Universe 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 Chinese Universe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Chinese Universe.
Diversification Opportunities for Anhui Gujing and Chinese Universe
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Anhui and Chinese is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Chinese Universe Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chinese Universe Pub 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 Chinese Universe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chinese Universe Pub has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Chinese Universe go up and down completely randomly.
Pair Corralation between Anhui Gujing and Chinese Universe
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to under-perform the Chinese Universe. In addition to that, Anhui Gujing is 1.94 times more volatile than Chinese Universe Publishing. It trades about -0.04 of its total potential returns per unit of risk. Chinese Universe Publishing is currently generating about 0.03 per unit of volatility. If you would invest 1,250 in Chinese Universe Publishing on September 3, 2024 and sell it today you would earn a total of 10.00 from holding Chinese Universe Publishing or generate 0.8% 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. Chinese Universe Publishing
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Chinese Universe Pub |
Anhui Gujing and Chinese Universe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Chinese Universe
The main advantage of trading using opposite Anhui Gujing and Chinese Universe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Chinese Universe 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 Chinese Universe will offset losses from the drop in Chinese Universe's long position.| Anhui Gujing vs. Chinese Universe Publishing | Anhui Gujing vs. Shandong Publishing Media | Anhui Gujing vs. HUAQIN TECHNOLOGY LTD | Anhui Gujing vs. Shanghai Action Education |
| Chinese Universe vs. Innovative Medical Management | Chinese Universe vs. Fujian Newland Computer | Chinese Universe vs. State Grid InformationCommunication | Chinese Universe vs. Sanbo Hospital Management |
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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |