Correlation Between Anhui Jinhe and Oriental Times
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By analyzing existing cross correlation between Anhui Jinhe Industrial and Oriental Times Media, you can compare the effects of market volatilities on Anhui Jinhe and Oriental Times 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 Jinhe with a short position of Oriental Times. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Jinhe and Oriental Times.
Diversification Opportunities for Anhui Jinhe and Oriental Times
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anhui and Oriental is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Jinhe Industrial and Oriental Times Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oriental Times Media and Anhui Jinhe 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 Jinhe Industrial are associated (or correlated) with Oriental Times. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oriental Times Media has no effect on the direction of Anhui Jinhe i.e., Anhui Jinhe and Oriental Times go up and down completely randomly.
Pair Corralation between Anhui Jinhe and Oriental Times
Assuming the 90 days trading horizon Anhui Jinhe is expected to generate 2.46 times less return on investment than Oriental Times. But when comparing it to its historical volatility, Anhui Jinhe Industrial is 1.36 times less risky than Oriental Times. It trades about 0.07 of its potential returns per unit of risk. Oriental Times Media is currently generating about 0.13 of returns per unit of risk over similar time horizon. 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 |
Anhui Jinhe Industrial vs. Oriental Times Media
Performance |
| Timeline |
| Anhui Jinhe Industrial |
| Oriental Times Media |
Anhui Jinhe and Oriental Times Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Jinhe and Oriental Times
The main advantage of trading using opposite Anhui Jinhe and Oriental Times positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Jinhe position performs unexpectedly, Oriental Times 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 Oriental Times will offset losses from the drop in Oriental Times' long position.| Anhui Jinhe vs. Zijin Mining Group | Anhui Jinhe vs. Baoshan Iron Steel | Anhui Jinhe vs. Rongsheng Petrochemical Co | Anhui Jinhe vs. Hoshine Silicon Ind |
| Oriental Times vs. Agricultural Bank of | Oriental Times vs. China Construction Bank | Oriental Times vs. Postal Savings Bank | Oriental Times vs. Bank of Communications |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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