Correlation Between Anhui Gujing and EmbedWay TechCorp
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Gujing Distillery and EmbedWay TechCorp, you can compare the effects of market volatilities on Anhui Gujing and EmbedWay TechCorp 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 EmbedWay TechCorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and EmbedWay TechCorp.
Diversification Opportunities for Anhui Gujing and EmbedWay TechCorp
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anhui and EmbedWay is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and EmbedWay TechCorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EmbedWay TechCorp 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 EmbedWay TechCorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EmbedWay TechCorp has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and EmbedWay TechCorp go up and down completely randomly.
Pair Corralation between Anhui Gujing and EmbedWay TechCorp
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to under-perform the EmbedWay TechCorp. But the stock apears to be less risky and, when comparing its historical volatility, Anhui Gujing Distillery is 1.79 times less risky than EmbedWay TechCorp. The stock trades about -0.03 of its potential returns per unit of risk. The EmbedWay TechCorp is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,238 in EmbedWay TechCorp on October 16, 2024 and sell it today you would earn a total of 1,031 from holding EmbedWay TechCorp or generate 83.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. EmbedWay TechCorp
Performance |
| Timeline |
| Anhui Gujing Distillery |
| EmbedWay TechCorp |
Anhui Gujing and EmbedWay TechCorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and EmbedWay TechCorp
The main advantage of trading using opposite Anhui Gujing and EmbedWay TechCorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, EmbedWay TechCorp 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 EmbedWay TechCorp will offset losses from the drop in EmbedWay TechCorp's long position.| Anhui Gujing vs. Guangdong Wens Foodstuff | Anhui Gujing vs. Anhui Xinhua Media | Anhui Gujing vs. Gan Yuan Foods | Anhui Gujing vs. Xiwang Foodstuffs Co |
| EmbedWay TechCorp vs. Kweichow Moutai Co | EmbedWay TechCorp vs. NAURA Technology Group | EmbedWay TechCorp vs. Zhejiang Orient Gene | EmbedWay TechCorp vs. APT Medical |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |