Correlation Between CGN Nuclear and Anhui Gujing
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By analyzing existing cross correlation between CGN Nuclear Technology and Anhui Gujing Distillery, you can compare the effects of market volatilities on CGN Nuclear and Anhui Gujing 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 CGN Nuclear with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of CGN Nuclear and Anhui Gujing.
Diversification Opportunities for CGN Nuclear and Anhui Gujing
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CGN and Anhui is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding CGN Nuclear Technology and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery and CGN Nuclear 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 CGN Nuclear Technology are associated (or correlated) with Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of CGN Nuclear i.e., CGN Nuclear and Anhui Gujing go up and down completely randomly.
Pair Corralation between CGN Nuclear and Anhui Gujing
Assuming the 90 days trading horizon CGN Nuclear Technology is expected to generate 0.86 times more return on investment than Anhui Gujing. However, CGN Nuclear Technology is 1.17 times less risky than Anhui Gujing. It trades about -0.14 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.13 per unit of risk. If you would invest 777.00 in CGN Nuclear Technology on October 16, 2024 and sell it today you would lose (81.00) from holding CGN Nuclear Technology or give up 10.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CGN Nuclear Technology vs. Anhui Gujing Distillery
Performance |
| Timeline |
| CGN Nuclear Technology |
| Anhui Gujing Distillery |
CGN Nuclear and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CGN Nuclear and Anhui Gujing
The main advantage of trading using opposite CGN Nuclear and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CGN Nuclear position performs unexpectedly, Anhui Gujing 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 Anhui Gujing will offset losses from the drop in Anhui Gujing's long position.| CGN Nuclear vs. Innovative Medical Management | CGN Nuclear vs. Harvest Fund Management | CGN Nuclear vs. Sanbo Hospital Management | CGN Nuclear vs. Anhui Huilong Agricultural |
| Anhui Gujing vs. Changchun UP Optotech | Anhui Gujing vs. Sharetronic Data Technology | Anhui Gujing vs. CGN Nuclear Technology | Anhui Gujing vs. Heilongjiang Transport Development |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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