Correlation Between Chongqing Shunbo and Anhui Gujing
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By analyzing existing cross correlation between Chongqing Shunbo Aluminum and Anhui Gujing Distillery, you can compare the effects of market volatilities on Chongqing Shunbo 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 Chongqing Shunbo with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chongqing Shunbo and Anhui Gujing.
Diversification Opportunities for Chongqing Shunbo and Anhui Gujing
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Chongqing and Anhui is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Chongqing Shunbo Aluminum 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 Chongqing Shunbo 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 Chongqing Shunbo Aluminum 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 Chongqing Shunbo i.e., Chongqing Shunbo and Anhui Gujing go up and down completely randomly.
Pair Corralation between Chongqing Shunbo and Anhui Gujing
Assuming the 90 days trading horizon Chongqing Shunbo Aluminum is expected to generate 0.78 times more return on investment than Anhui Gujing. However, Chongqing Shunbo Aluminum is 1.28 times less risky than Anhui Gujing. It trades about 0.08 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about 0.0 per unit of risk. If you would invest 544.00 in Chongqing Shunbo Aluminum on October 25, 2024 and sell it today you would earn a total of 119.00 from holding Chongqing Shunbo Aluminum or generate 21.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chongqing Shunbo Aluminum vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Chongqing Shunbo Aluminum |
| Anhui Gujing Distillery |
Chongqing Shunbo and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chongqing Shunbo and Anhui Gujing
The main advantage of trading using opposite Chongqing Shunbo and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chongqing Shunbo 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.| Chongqing Shunbo vs. Zijin Mining Group | Chongqing Shunbo vs. Wanhua Chemical Group | Chongqing Shunbo vs. Baoshan Iron Steel | Chongqing Shunbo vs. Rongsheng Petrochemical Co |
| Anhui Gujing vs. Agricultural Bank of | Anhui Gujing vs. Postal Savings Bank | Anhui Gujing vs. Bank of Communications | Anhui Gujing vs. China Merchants Bank |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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