Correlation Between Shaanxi Meineng and Anji Foodstuff
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By analyzing existing cross correlation between Shaanxi Meineng Clean and Anji Foodstuff Co, you can compare the effects of market volatilities on Shaanxi Meineng 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 Shaanxi Meineng with a short position of Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Meineng and Anji Foodstuff.
Diversification Opportunities for Shaanxi Meineng and Anji Foodstuff
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shaanxi and Anji is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Meineng Clean and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff and Shaanxi Meineng 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 Shaanxi Meineng Clean 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 Shaanxi Meineng i.e., Shaanxi Meineng and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Shaanxi Meineng and Anji Foodstuff
Assuming the 90 days trading horizon Shaanxi Meineng is expected to generate 1.18 times less return on investment than Anji Foodstuff. In addition to that, Shaanxi Meineng is 1.01 times more volatile than Anji Foodstuff Co. It trades about 0.05 of its total potential returns per unit of risk. Anji Foodstuff Co is currently generating about 0.06 per unit of volatility. If you would invest 827.00 in Anji Foodstuff Co on September 3, 2024 and sell it today you would earn a total of 41.00 from holding Anji Foodstuff Co or generate 4.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shaanxi Meineng Clean vs. Anji Foodstuff Co
Performance |
| Timeline |
| Shaanxi Meineng Clean |
| Anji Foodstuff |
Shaanxi Meineng and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shaanxi Meineng and Anji Foodstuff
The main advantage of trading using opposite Shaanxi Meineng and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Meineng 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.| Shaanxi Meineng vs. Industrial and Commercial | Shaanxi Meineng vs. Agricultural Bank of | Shaanxi Meineng vs. China Construction Bank | Shaanxi Meineng vs. Bank of China |
| Anji Foodstuff vs. Beijing Wantai Biological | Anji Foodstuff vs. Aluminum Corp of | Anji Foodstuff vs. COL Digital Publishing | Anji Foodstuff vs. Shaanxi Meineng Clean |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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