Correlation Between Anhui Huilong and CGN Nuclear
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Huilong Agricultural and CGN Nuclear Technology, you can compare the effects of market volatilities on Anhui Huilong and CGN Nuclear 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 Anhui Huilong with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Huilong and CGN Nuclear.
Diversification Opportunities for Anhui Huilong and CGN Nuclear
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anhui and CGN is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Huilong Agricultural and CGN Nuclear Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN Nuclear Technology and Anhui Huilong 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 Anhui Huilong Agricultural are associated (or correlated) with CGN Nuclear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN Nuclear Technology has no effect on the direction of Anhui Huilong i.e., Anhui Huilong and CGN Nuclear go up and down completely randomly.
Pair Corralation between Anhui Huilong and CGN Nuclear
Assuming the 90 days trading horizon Anhui Huilong Agricultural is expected to under-perform the CGN Nuclear. In addition to that, Anhui Huilong is 1.02 times more volatile than CGN Nuclear Technology. It trades about -0.2 of its total potential returns per unit of risk. CGN Nuclear Technology is currently generating about -0.19 per unit of volatility. If you would invest 795.00 in CGN Nuclear Technology on October 30, 2024 and sell it today you would lose (107.00) from holding CGN Nuclear Technology or give up 13.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Huilong Agricultural vs. CGN Nuclear Technology
Performance |
| Timeline |
| Anhui Huilong Agricu |
| CGN Nuclear Technology |
Anhui Huilong and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Huilong and CGN Nuclear
The main advantage of trading using opposite Anhui Huilong and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Huilong position performs unexpectedly, CGN Nuclear 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 CGN Nuclear will offset losses from the drop in CGN Nuclear's long position.| Anhui Huilong vs. Zhejiang Qianjiang Motorcycle | Anhui Huilong vs. CIMC Vehicles Co | Anhui Huilong vs. Haima Automobile Group | Anhui Huilong vs. Caihong Display Devices |
| CGN Nuclear vs. Sinocelltech Group | CGN Nuclear vs. Ningbo Kangqiang Electronics | CGN Nuclear vs. Citic Offshore Helicopter | CGN Nuclear vs. LianChuang Electronic 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |