Correlation Between Anhui Gujing and Suzhou UIGreen
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By analyzing existing cross correlation between Anhui Gujing Distillery and Suzhou UIGreen Micro, you can compare the effects of market volatilities on Anhui Gujing and Suzhou UIGreen 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 Suzhou UIGreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Suzhou UIGreen.
Diversification Opportunities for Anhui Gujing and Suzhou UIGreen
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anhui and Suzhou is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Suzhou UIGreen Micro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou UIGreen Micro 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 Suzhou UIGreen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou UIGreen Micro has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Suzhou UIGreen go up and down completely randomly.
Pair Corralation between Anhui Gujing and Suzhou UIGreen
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to under-perform the Suzhou UIGreen. But the stock apears to be less risky and, when comparing its historical volatility, Anhui Gujing Distillery is 3.64 times less risky than Suzhou UIGreen. The stock trades about -0.02 of its potential returns per unit of risk. The Suzhou UIGreen Micro is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 3,608 in Suzhou UIGreen Micro on October 22, 2024 and sell it today you would earn a total of 802.00 from holding Suzhou UIGreen Micro or generate 22.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Suzhou UIGreen Micro
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Suzhou UIGreen Micro |
Anhui Gujing and Suzhou UIGreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Suzhou UIGreen
The main advantage of trading using opposite Anhui Gujing and Suzhou UIGreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Suzhou UIGreen 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 Suzhou UIGreen will offset losses from the drop in Suzhou UIGreen's long position.| Anhui Gujing vs. Heilongjiang Publishing Media | Anhui Gujing vs. Lander Sports Development | Anhui Gujing vs. Wasu Media Holding | Anhui Gujing vs. Huizhou Speed Wireless |
| Suzhou UIGreen vs. BYD Co Ltd | Suzhou UIGreen vs. China Mobile Limited | Suzhou UIGreen vs. Agricultural Bank of | Suzhou UIGreen vs. Industrial and Commercial |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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