Correlation Between Songz Automobile and Anhui Xinhua
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By analyzing existing cross correlation between Songz Automobile Air and Anhui Xinhua Media, you can compare the effects of market volatilities on Songz Automobile and Anhui Xinhua 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 Songz Automobile with a short position of Anhui Xinhua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Songz Automobile and Anhui Xinhua.
Diversification Opportunities for Songz Automobile and Anhui Xinhua
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Songz and Anhui is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Songz Automobile Air and Anhui Xinhua Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Xinhua Media and Songz Automobile 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 Songz Automobile Air are associated (or correlated) with Anhui Xinhua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Xinhua Media has no effect on the direction of Songz Automobile i.e., Songz Automobile and Anhui Xinhua go up and down completely randomly.
Pair Corralation between Songz Automobile and Anhui Xinhua
Assuming the 90 days trading horizon Songz Automobile Air is expected to under-perform the Anhui Xinhua. In addition to that, Songz Automobile is 1.1 times more volatile than Anhui Xinhua Media. It trades about -0.29 of its total potential returns per unit of risk. Anhui Xinhua Media is currently generating about -0.28 per unit of volatility. If you would invest 755.00 in Anhui Xinhua Media on October 14, 2024 and sell it today you would lose (79.00) from holding Anhui Xinhua Media or give up 10.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Songz Automobile Air vs. Anhui Xinhua Media
Performance |
| Timeline |
| Songz Automobile Air |
| Anhui Xinhua Media |
Songz Automobile and Anhui Xinhua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Songz Automobile and Anhui Xinhua
The main advantage of trading using opposite Songz Automobile and Anhui Xinhua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Songz Automobile position performs unexpectedly, Anhui Xinhua 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 Xinhua will offset losses from the drop in Anhui Xinhua's long position.| Songz Automobile vs. Aurora Optoelectronics Co | Songz Automobile vs. Ningbo Kangqiang Electronics | Songz Automobile vs. Anhui Gujing Distillery | Songz Automobile vs. Leyard Optoelectronic |
| Anhui Xinhua vs. Songz Automobile Air | Anhui Xinhua vs. Changchun Engley Automobile | Anhui Xinhua vs. Thinkingdom Media Group | Anhui Xinhua vs. Chengdu B ray Media |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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