Correlation Between Anhui Gujing and Yunnan Xiyi
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By analyzing existing cross correlation between Anhui Gujing Distillery and Yunnan Xiyi Industrial, you can compare the effects of market volatilities on Anhui Gujing and Yunnan Xiyi 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 Gujing with a short position of Yunnan Xiyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Yunnan Xiyi.
Diversification Opportunities for Anhui Gujing and Yunnan Xiyi
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anhui and Yunnan is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Yunnan Xiyi Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Xiyi Industrial and Anhui Gujing 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 Gujing Distillery are associated (or correlated) with Yunnan Xiyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Xiyi Industrial has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Yunnan Xiyi go up and down completely randomly.
Pair Corralation between Anhui Gujing and Yunnan Xiyi
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to generate 0.71 times more return on investment than Yunnan Xiyi. However, Anhui Gujing Distillery is 1.4 times less risky than Yunnan Xiyi. It trades about 0.01 of its potential returns per unit of risk. Yunnan Xiyi Industrial is currently generating about -0.01 per unit of risk. If you would invest 11,148 in Anhui Gujing Distillery on September 2, 2024 and sell it today you would lose (18.00) from holding Anhui Gujing Distillery or give up 0.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. Yunnan Xiyi Industrial
Performance |
| Timeline |
| Anhui Gujing Distillery |
| Yunnan Xiyi Industrial |
Anhui Gujing and Yunnan Xiyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and Yunnan Xiyi
The main advantage of trading using opposite Anhui Gujing and Yunnan Xiyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Yunnan Xiyi 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 Yunnan Xiyi will offset losses from the drop in Yunnan Xiyi's long position.| Anhui Gujing vs. Yunnan Xiyi Industrial | Anhui Gujing vs. Bengang Steel Plates | Anhui Gujing vs. Keda Clean Energy | Anhui Gujing vs. Changjiang Jinggong Steel |
| Yunnan Xiyi vs. China Publishing Media | Yunnan Xiyi vs. Sichuan Hebang Biotechnology | Yunnan Xiyi vs. Zhejiang Publishing Media | Yunnan Xiyi vs. Jiangsu GDK Biotechnology |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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