Correlation Between Anhui Fuhuang and Changchun BCHT
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By analyzing existing cross correlation between Anhui Fuhuang Steel and Changchun BCHT Biotechnology, you can compare the effects of market volatilities on Anhui Fuhuang and Changchun BCHT 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 Fuhuang with a short position of Changchun BCHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Fuhuang and Changchun BCHT.
Diversification Opportunities for Anhui Fuhuang and Changchun BCHT
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Anhui and Changchun is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Fuhuang Steel and Changchun BCHT Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun BCHT Biote and Anhui Fuhuang 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 Fuhuang Steel are associated (or correlated) with Changchun BCHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun BCHT Biote has no effect on the direction of Anhui Fuhuang i.e., Anhui Fuhuang and Changchun BCHT go up and down completely randomly.
Pair Corralation between Anhui Fuhuang and Changchun BCHT
If you would invest 0.00 in Anhui Fuhuang Steel on November 25, 2024 and sell it today you would earn a total of 0.00 from holding Anhui Fuhuang Steel or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 1.69% |
Values | Daily Returns |
Anhui Fuhuang Steel vs. Changchun BCHT Biotechnology
Performance |
Timeline |
Anhui Fuhuang Steel |
Risk-Adjusted Performance
Weak
Weak | Strong |
Changchun BCHT Biote |
Anhui Fuhuang and Changchun BCHT Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anhui Fuhuang and Changchun BCHT
The main advantage of trading using opposite Anhui Fuhuang and Changchun BCHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Fuhuang position performs unexpectedly, Changchun BCHT 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 Changchun BCHT will offset losses from the drop in Changchun BCHT's long position.Anhui Fuhuang vs. Xilong Chemical Co | ||
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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