Correlation Between Oriental Times and Anhui Jinhe
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By analyzing existing cross correlation between Oriental Times Media and Anhui Jinhe Industrial, you can compare the effects of market volatilities on Oriental Times and Anhui Jinhe 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 Oriental Times with a short position of Anhui Jinhe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oriental Times and Anhui Jinhe.
Diversification Opportunities for Oriental Times and Anhui Jinhe
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oriental and Anhui is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Oriental Times Media and Anhui Jinhe Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Jinhe Industrial and Oriental Times 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 Oriental Times Media are associated (or correlated) with Anhui Jinhe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Jinhe Industrial has no effect on the direction of Oriental Times i.e., Oriental Times and Anhui Jinhe go up and down completely randomly.
Pair Corralation between Oriental Times and Anhui Jinhe
Assuming the 90 days trading horizon Oriental Times Media is expected to generate 1.36 times more return on investment than Anhui Jinhe. However, Oriental Times is 1.36 times more volatile than Anhui Jinhe Industrial. It trades about 0.13 of its potential returns per unit of risk. Anhui Jinhe Industrial is currently generating about 0.07 per unit of risk. If you would invest 233.00 in Oriental Times Media on September 3, 2024 and sell it today you would earn a total of 219.00 from holding Oriental Times Media or generate 93.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oriental Times Media vs. Anhui Jinhe Industrial
Performance |
| Timeline |
| Oriental Times Media |
| Anhui Jinhe Industrial |
Oriental Times and Anhui Jinhe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oriental Times and Anhui Jinhe
The main advantage of trading using opposite Oriental Times and Anhui Jinhe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oriental Times position performs unexpectedly, Anhui Jinhe 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 Jinhe will offset losses from the drop in Anhui Jinhe's long position.| Oriental Times vs. Agricultural Bank of | Oriental Times vs. China Construction Bank | Oriental Times vs. Postal Savings Bank | Oriental Times vs. Bank of Communications |
| Anhui Jinhe vs. Zijin Mining Group | Anhui Jinhe vs. Baoshan Iron Steel | Anhui Jinhe vs. Rongsheng Petrochemical Co | Anhui Jinhe vs. Hoshine Silicon Ind |
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 Directory module to find actively traded commodities issued by global exchanges.
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