Correlation Between Soyea Technology and Anhui Jianghuai
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By analyzing existing cross correlation between Soyea Technology Co and Anhui Jianghuai Automobile, you can compare the effects of market volatilities on Soyea Technology and Anhui Jianghuai 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 Jianghuai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Anhui Jianghuai.
Diversification Opportunities for Soyea Technology and Anhui Jianghuai
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Soyea and Anhui is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co and Anhui Jianghuai Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Jianghuai Auto 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 Jianghuai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Jianghuai Auto has no effect on the direction of Soyea Technology i.e., Soyea Technology and Anhui Jianghuai go up and down completely randomly.
Pair Corralation between Soyea Technology and Anhui Jianghuai
Assuming the 90 days trading horizon Soyea Technology Co is expected to generate 0.7 times more return on investment than Anhui Jianghuai. However, Soyea Technology Co is 1.43 times less risky than Anhui Jianghuai. It trades about 0.38 of its potential returns per unit of risk. Anhui Jianghuai Automobile is currently generating about -0.15 per unit of risk. If you would invest 514.00 in Soyea Technology Co on September 13, 2024 and sell it today you would earn a total of 130.00 from holding Soyea Technology Co or generate 25.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soyea Technology Co vs. Anhui Jianghuai Automobile
Performance |
| Timeline |
| Soyea Technology |
| Anhui Jianghuai Auto |
Soyea Technology and Anhui Jianghuai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Anhui Jianghuai
The main advantage of trading using opposite Soyea Technology and Anhui Jianghuai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology position performs unexpectedly, Anhui Jianghuai 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 Jianghuai will offset losses from the drop in Anhui Jianghuai's long position.| Soyea Technology vs. China Life Insurance | Soyea Technology vs. Cinda Securities Co | Soyea Technology vs. Piotech Inc A | Soyea Technology vs. Dongxing Sec Co |
| Anhui Jianghuai vs. Beijing Sanyuan Foods | Anhui Jianghuai vs. Sichuan Fulin Transportation | Anhui Jianghuai vs. Dazhong Transportation Group | Anhui Jianghuai vs. Shandong Huifa Foodstuff |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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