Correlation Between Anhui Guofeng and Offcn Education
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By analyzing existing cross correlation between Anhui Guofeng Plastic and Offcn Education Technology, you can compare the effects of market volatilities on Anhui Guofeng and Offcn Education 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 Guofeng with a short position of Offcn Education. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Guofeng and Offcn Education.
Diversification Opportunities for Anhui Guofeng and Offcn Education
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anhui and Offcn is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Guofeng Plastic and Offcn Education Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Offcn Education Tech and Anhui Guofeng 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 Guofeng Plastic are associated (or correlated) with Offcn Education. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Offcn Education Tech has no effect on the direction of Anhui Guofeng i.e., Anhui Guofeng and Offcn Education go up and down completely randomly.
Pair Corralation between Anhui Guofeng and Offcn Education
Assuming the 90 days trading horizon Anhui Guofeng Plastic is expected to generate 0.88 times more return on investment than Offcn Education. However, Anhui Guofeng Plastic is 1.13 times less risky than Offcn Education. It trades about -0.1 of its potential returns per unit of risk. Offcn Education Technology is currently generating about -0.12 per unit of risk. If you would invest 537.00 in Anhui Guofeng Plastic on October 28, 2024 and sell it today you would lose (34.00) from holding Anhui Guofeng Plastic or give up 6.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Guofeng Plastic vs. Offcn Education Technology
Performance |
| Timeline |
| Anhui Guofeng Plastic |
| Offcn Education Tech |
Anhui Guofeng and Offcn Education Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Guofeng and Offcn Education
The main advantage of trading using opposite Anhui Guofeng and Offcn Education positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Guofeng position performs unexpectedly, Offcn Education 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 Offcn Education will offset losses from the drop in Offcn Education's long position.| Anhui Guofeng vs. Zijin Mining Group | Anhui Guofeng vs. Wanhua Chemical Group | Anhui Guofeng vs. Baoshan Iron Steel | Anhui Guofeng vs. Shandong Gold Mining |
| Offcn Education vs. Beijing Mainstreets Investment | Offcn Education vs. Harbin Hatou Investment | Offcn Education vs. Postal Savings Bank | Offcn Education vs. Shenyang Blue Silver |
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 Stocks Directory module to find actively traded stocks across global markets.
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