Correlation Between ANGLER GAMING and JIAHUA STORES
Can any of the company-specific risk be diversified away by investing in both ANGLER GAMING and JIAHUA STORES at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining ANGLER GAMING and JIAHUA STORES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANGLER GAMING PLC and JIAHUA STORES, you can compare the effects of market volatilities on ANGLER GAMING and JIAHUA STORES 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 ANGLER GAMING with a short position of JIAHUA STORES. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANGLER GAMING and JIAHUA STORES.
Diversification Opportunities for ANGLER GAMING and JIAHUA STORES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ANGLER and JIAHUA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ANGLER GAMING PLC and JIAHUA STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIAHUA STORES and ANGLER GAMING 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 ANGLER GAMING PLC are associated (or correlated) with JIAHUA STORES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIAHUA STORES has no effect on the direction of ANGLER GAMING i.e., ANGLER GAMING and JIAHUA STORES go up and down completely randomly.
Pair Corralation between ANGLER GAMING and JIAHUA STORES
If you would invest 35.00 in ANGLER GAMING PLC on September 14, 2024 and sell it today you would lose (8.00) from holding ANGLER GAMING PLC or give up 22.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANGLER GAMING PLC vs. JIAHUA STORES
Performance |
| Timeline |
| ANGLER GAMING PLC |
| JIAHUA STORES |
ANGLER GAMING and JIAHUA STORES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANGLER GAMING and JIAHUA STORES
The main advantage of trading using opposite ANGLER GAMING and JIAHUA STORES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANGLER GAMING position performs unexpectedly, JIAHUA STORES 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 JIAHUA STORES will offset losses from the drop in JIAHUA STORES's long position.| ANGLER GAMING vs. CDL INVESTMENT | ANGLER GAMING vs. Strategic Investments AS | ANGLER GAMING vs. Japan Asia Investment | ANGLER GAMING vs. KENNAMETAL INC |
| JIAHUA STORES vs. MINCO SILVER | JIAHUA STORES vs. ASSOC BR FOODS | JIAHUA STORES vs. ADRIATIC METALS LS 013355 | JIAHUA STORES vs. HF FOODS GRP |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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