Correlation Between Beijing Yanjing and Andon Health
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By analyzing existing cross correlation between Beijing Yanjing Brewery and Andon Health Co, you can compare the effects of market volatilities on Beijing Yanjing and Andon Health 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 Beijing Yanjing with a short position of Andon Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Yanjing and Andon Health.
Diversification Opportunities for Beijing Yanjing and Andon Health
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Beijing and Andon is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Yanjing Brewery and Andon Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Andon Health and Beijing Yanjing 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 Beijing Yanjing Brewery are associated (or correlated) with Andon Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Andon Health has no effect on the direction of Beijing Yanjing i.e., Beijing Yanjing and Andon Health go up and down completely randomly.
Pair Corralation between Beijing Yanjing and Andon Health
Assuming the 90 days trading horizon Beijing Yanjing Brewery is expected to generate 0.93 times more return on investment than Andon Health. However, Beijing Yanjing Brewery is 1.08 times less risky than Andon Health. It trades about 0.02 of its potential returns per unit of risk. Andon Health Co is currently generating about -0.01 per unit of risk. If you would invest 1,066 in Beijing Yanjing Brewery on October 11, 2024 and sell it today you would earn a total of 90.00 from holding Beijing Yanjing Brewery or generate 8.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Yanjing Brewery vs. Andon Health Co
Performance |
| Timeline |
| Beijing Yanjing Brewery |
| Andon Health |
Beijing Yanjing and Andon Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Yanjing and Andon Health
The main advantage of trading using opposite Beijing Yanjing and Andon Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Yanjing position performs unexpectedly, Andon Health 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 Andon Health will offset losses from the drop in Andon Health's long position.| Beijing Yanjing vs. Hua Xia Bank | Beijing Yanjing vs. Anhui Transport Consulting | Beijing Yanjing vs. Xiamen Bank Co | Beijing Yanjing vs. Agricultural Bank of |
| Andon Health vs. Beijing Yanjing Brewery | Andon Health vs. Fiberhome Telecommunication Technologies | Andon Health vs. Anji Foodstuff Co | Andon Health vs. Sunwave Communications Co |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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