Correlation Between CITIC Guoan and Anji Foodstuff
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By analyzing existing cross correlation between CITIC Guoan Information and Anji Foodstuff Co, you can compare the effects of market volatilities on CITIC Guoan and Anji Foodstuff 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 CITIC Guoan with a short position of Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Guoan and Anji Foodstuff.
Diversification Opportunities for CITIC Guoan and Anji Foodstuff
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CITIC and Anji is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Guoan Information and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff and CITIC Guoan 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 CITIC Guoan Information are associated (or correlated) with Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of CITIC Guoan i.e., CITIC Guoan and Anji Foodstuff go up and down completely randomly.
Pair Corralation between CITIC Guoan and Anji Foodstuff
Assuming the 90 days trading horizon CITIC Guoan Information is expected to generate 0.91 times more return on investment than Anji Foodstuff. However, CITIC Guoan Information is 1.1 times less risky than Anji Foodstuff. It trades about 0.02 of its potential returns per unit of risk. Anji Foodstuff Co is currently generating about -0.01 per unit of risk. If you would invest 263.00 in CITIC Guoan Information on October 16, 2024 and sell it today you would earn a total of 9.00 from holding CITIC Guoan Information or generate 3.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CITIC Guoan Information vs. Anji Foodstuff Co
Performance |
| Timeline |
| CITIC Guoan Information |
| Anji Foodstuff |
CITIC Guoan and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CITIC Guoan and Anji Foodstuff
The main advantage of trading using opposite CITIC Guoan and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Guoan position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff's long position.| CITIC Guoan vs. Runjian Communication Co | CITIC Guoan vs. FSPG Hi Tech Co | CITIC Guoan vs. Shenzhen Bioeasy Biotechnology | CITIC Guoan vs. Tianjin Hi Tech Development |
| Anji Foodstuff vs. Cultural Investment Holdings | Anji Foodstuff vs. Vanfund Urban Investment | Anji Foodstuff vs. Luyin Investment Group | Anji Foodstuff vs. Henan Shuanghui Investment |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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