Correlation Between Anhui Deli and Guocheng Mining
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By analyzing existing cross correlation between Anhui Deli Household and Guocheng Mining Co, you can compare the effects of market volatilities on Anhui Deli and Guocheng Mining 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 Deli with a short position of Guocheng Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Deli and Guocheng Mining.
Diversification Opportunities for Anhui Deli and Guocheng Mining
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anhui and Guocheng is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Deli Household and Guocheng Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guocheng Mining and Anhui Deli 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 Deli Household are associated (or correlated) with Guocheng Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guocheng Mining has no effect on the direction of Anhui Deli i.e., Anhui Deli and Guocheng Mining go up and down completely randomly.
Pair Corralation between Anhui Deli and Guocheng Mining
Assuming the 90 days trading horizon Anhui Deli is expected to generate 21.05 times less return on investment than Guocheng Mining. In addition to that, Anhui Deli is 1.12 times more volatile than Guocheng Mining Co. It trades about 0.0 of its total potential returns per unit of risk. Guocheng Mining Co is currently generating about 0.01 per unit of volatility. If you would invest 1,265 in Guocheng Mining Co on October 16, 2024 and sell it today you would lose (31.00) from holding Guocheng Mining Co or give up 2.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Deli Household vs. Guocheng Mining Co
Performance |
| Timeline |
| Anhui Deli Household |
| Guocheng Mining |
Anhui Deli and Guocheng Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Deli and Guocheng Mining
The main advantage of trading using opposite Anhui Deli and Guocheng Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Deli position performs unexpectedly, Guocheng Mining 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 Guocheng Mining will offset losses from the drop in Guocheng Mining's long position.| Anhui Deli vs. Anji Foodstuff Co | Anhui Deli vs. HaiXin Foods Co | Anhui Deli vs. Yankershop Food Co | Anhui Deli vs. Eastern Air Logistics |
| Guocheng Mining vs. Anhui Deli Household | Guocheng Mining vs. Zhejiang Gongdong Medical | Guocheng Mining vs. Eyebright Medical Technology | Guocheng Mining vs. Hengkang Medical Group |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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