Correlation Between Anhui Gujing and Beijing Roborock
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By analyzing existing cross correlation between Anhui Gujing Distillery and Beijing Roborock Technology, you can compare the effects of market volatilities on Anhui Gujing and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Beijing Roborock.
Diversification Opportunities for Anhui Gujing and Beijing Roborock
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Anhui and Beijing is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Beijing Roborock go up and down completely randomly.
Pair Corralation between Anhui Gujing and Beijing Roborock
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to generate 0.94 times more return on investment than Beijing Roborock. However, Anhui Gujing Distillery is 1.07 times less risky than Beijing Roborock. It trades about -0.09 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.5 per unit of risk. If you would invest 19,930 in Anhui Gujing Distillery on August 27, 2024 and sell it today you would lose (1,239) from holding Anhui Gujing Distillery or give up 6.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Beijing Roborock Technology
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Beijing Roborock Tec |
Anhui Gujing and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Beijing Roborock
The main advantage of trading using opposite Anhui Gujing and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Anhui Gujing vs. BYD Co Ltd | Anhui Gujing vs. China Mobile Limited | Anhui Gujing vs. Agricultural Bank of | Anhui Gujing vs. Industrial and Commercial |
| Beijing Roborock vs. Puyang Huicheng Electronic | Beijing Roborock vs. Masterwork Machinery | Beijing Roborock vs. Success Electronics | Beijing Roborock vs. Shenzhen Clou Electronics |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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