Correlation Between Shenzhen Noposion and Fujian Anjoy
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By analyzing existing cross correlation between Shenzhen Noposion Agrochemicals and Fujian Anjoy Foods, you can compare the effects of market volatilities on Shenzhen Noposion and Fujian Anjoy 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 Shenzhen Noposion with a short position of Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Noposion and Fujian Anjoy.
Diversification Opportunities for Shenzhen Noposion and Fujian Anjoy
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenzhen and Fujian is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Noposion Agrochemical and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods and Shenzhen Noposion 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 Shenzhen Noposion Agrochemicals are associated (or correlated) with Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Shenzhen Noposion i.e., Shenzhen Noposion and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Shenzhen Noposion and Fujian Anjoy
Assuming the 90 days trading horizon Shenzhen Noposion Agrochemicals is expected to generate 1.45 times more return on investment than Fujian Anjoy. However, Shenzhen Noposion is 1.45 times more volatile than Fujian Anjoy Foods. It trades about -0.04 of its potential returns per unit of risk. Fujian Anjoy Foods is currently generating about -0.12 per unit of risk. If you would invest 1,039 in Shenzhen Noposion Agrochemicals on October 10, 2024 and sell it today you would lose (45.00) from holding Shenzhen Noposion Agrochemicals or give up 4.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Noposion Agrochemical vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Shenzhen Noposion |
| Fujian Anjoy Foods |
Shenzhen Noposion and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Noposion and Fujian Anjoy
The main advantage of trading using opposite Shenzhen Noposion and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Noposion position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy's long position.| Shenzhen Noposion vs. Vanfund Urban Investment | Shenzhen Noposion vs. Lecron Energy Saving | Shenzhen Noposion vs. Tieling Newcity Investment | Shenzhen Noposion vs. Jiangsu Financial Leasing |
| Fujian Anjoy vs. Semiconductor Manufacturing Electronics | Fujian Anjoy vs. Mango Excellent Media | Fujian Anjoy vs. Fuzhou Rockchip Electronics | Fujian Anjoy vs. YiDong Electronics Technology |
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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