Correlation Between Soyea Technology and Anhui Gujing
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By analyzing existing cross correlation between Soyea Technology Co and Anhui Gujing Distillery, you can compare the effects of market volatilities on Soyea Technology 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 Soyea Technology with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Anhui Gujing.
Diversification Opportunities for Soyea Technology and Anhui Gujing
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Soyea and Anhui is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co 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 Soyea Technology 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 Soyea Technology Co 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 Soyea Technology i.e., Soyea Technology and Anhui Gujing go up and down completely randomly.
Pair Corralation between Soyea Technology and Anhui Gujing
Assuming the 90 days trading horizon Soyea Technology Co is expected to under-perform the Anhui Gujing. In addition to that, Soyea Technology is 2.65 times more volatile than Anhui Gujing Distillery. It trades about -0.02 of its total potential returns per unit of risk. Anhui Gujing Distillery is currently generating about 0.06 per unit of volatility. If you would invest 11,023 in Anhui Gujing Distillery on October 30, 2024 and sell it today you would earn a total of 257.00 from holding Anhui Gujing Distillery or generate 2.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soyea Technology Co vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Soyea Technology |
| Anhui Gujing Distillery |
Soyea Technology and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Anhui Gujing
The main advantage of trading using opposite Soyea Technology and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology 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.| Soyea Technology vs. Ningbo Tip Rubber | Soyea Technology vs. Fuda Alloy Materials | Soyea Technology vs. Mingchen Health Co | Soyea Technology vs. Andon Health Co |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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