Correlation Between Anhui Jinhe and Kunwu Jiuding
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Jinhe Industrial and Kunwu Jiuding Investment, you can compare the effects of market volatilities on Anhui Jinhe and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Jinhe and Kunwu Jiuding.
Diversification Opportunities for Anhui Jinhe and Kunwu Jiuding
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anhui and Kunwu is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Jinhe Industrial and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of Anhui Jinhe i.e., Anhui Jinhe and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between Anhui Jinhe and Kunwu Jiuding
Assuming the 90 days trading horizon Anhui Jinhe Industrial is expected to generate 0.47 times more return on investment than Kunwu Jiuding. However, Anhui Jinhe Industrial is 2.11 times less risky than Kunwu Jiuding. It trades about 0.16 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about -0.04 per unit of risk. If you would invest 2,285 in Anhui Jinhe Industrial on October 25, 2024 and sell it today you would earn a total of 125.00 from holding Anhui Jinhe Industrial or generate 5.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Jinhe Industrial vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| Anhui Jinhe Industrial |
| Kunwu Jiuding Investment |
Anhui Jinhe and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Jinhe and Kunwu Jiuding
The main advantage of trading using opposite Anhui Jinhe and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Jinhe position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| Anhui Jinhe vs. Zijin Mining Group | Anhui Jinhe vs. Wanhua Chemical Group | Anhui Jinhe vs. Baoshan Iron Steel | Anhui Jinhe vs. Rongsheng Petrochemical Co |
| Kunwu Jiuding vs. Gansu Jiu Steel | Kunwu Jiuding vs. Ming Yang Smart | Kunwu Jiuding vs. Aba Chemicals Corp | Kunwu Jiuding vs. Loctek Ergonomic 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |