Correlation Between Tongyu Communication and Fujian Anjoy
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By analyzing existing cross correlation between Tongyu Communication and Fujian Anjoy Foods, you can compare the effects of market volatilities on Tongyu Communication and Fujian Anjoy 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 Tongyu Communication with a short position of Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tongyu Communication and Fujian Anjoy.
Diversification Opportunities for Tongyu Communication and Fujian Anjoy
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tongyu and Fujian is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Tongyu Communication and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods and Tongyu Communication 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 Tongyu Communication are associated (or correlated) with Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Tongyu Communication i.e., Tongyu Communication and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Tongyu Communication and Fujian Anjoy
Assuming the 90 days trading horizon Tongyu Communication is expected to generate 2.05 times more return on investment than Fujian Anjoy. However, Tongyu Communication is 2.05 times more volatile than Fujian Anjoy Foods. It trades about -0.12 of its potential returns per unit of risk. Fujian Anjoy Foods is currently generating about -0.33 per unit of risk. If you would invest 1,526 in Tongyu Communication on October 18, 2024 and sell it today you would lose (131.00) from holding Tongyu Communication or give up 8.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tongyu Communication vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Tongyu Communication |
| Fujian Anjoy Foods |
Tongyu Communication and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tongyu Communication and Fujian Anjoy
The main advantage of trading using opposite Tongyu Communication and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tongyu Communication position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy's long position.| Tongyu Communication vs. Rising Nonferrous Metals | Tongyu Communication vs. Offshore Oil Engineering | Tongyu Communication vs. Jiangxi Naipu Mining | Tongyu Communication vs. Zhejiang Kingland Pipeline |
| Fujian Anjoy vs. Yangmei Chemical Co | Fujian Anjoy vs. Tongyu Communication | Fujian Anjoy vs. Ningxia Younglight Chemicals | Fujian Anjoy vs. Liaoning Dingjide Petrochemical |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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