Correlation Between Gan Yuan and Anhui Gujing
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By analyzing existing cross correlation between Gan Yuan Foods and Anhui Gujing Distillery, you can compare the effects of market volatilities on Gan Yuan and Anhui Gujing 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 Gan Yuan with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Anhui Gujing.
Diversification Opportunities for Gan Yuan and Anhui Gujing
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Gan and Anhui is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery and Gan Yuan 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 Gan Yuan Foods are associated (or correlated) with Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of Gan Yuan i.e., Gan Yuan and Anhui Gujing go up and down completely randomly.
Pair Corralation between Gan Yuan and Anhui Gujing
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 1.52 times more return on investment than Anhui Gujing. However, Gan Yuan is 1.52 times more volatile than Anhui Gujing Distillery. It trades about -0.02 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.29 per unit of risk. If you would invest 8,615 in Gan Yuan Foods on October 16, 2024 and sell it today you would lose (136.00) from holding Gan Yuan Foods or give up 1.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gan Yuan Foods vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Gan Yuan Foods |
| Anhui Gujing Distillery |
Gan Yuan and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Anhui Gujing
The main advantage of trading using opposite Gan Yuan and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, Anhui Gujing 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 Anhui Gujing will offset losses from the drop in Anhui Gujing's long position.| Gan Yuan vs. Weichai Heavy Machinery | Gan Yuan vs. Shanghai Ziyan Foods | Gan Yuan vs. Nanxing Furniture Machinery | Gan Yuan vs. Jiajia Food Group |
| Anhui Gujing vs. Changchun UP Optotech | Anhui Gujing vs. Sharetronic Data Technology | Anhui Gujing vs. CGN Nuclear Technology | Anhui Gujing vs. Heilongjiang Transport Development |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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