Correlation Between Anhui Gujing and Inly Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Gujing Distillery and Inly Media Co, you can compare the effects of market volatilities on Anhui Gujing and Inly Media 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 Inly Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and Inly Media.
Diversification Opportunities for Anhui Gujing and Inly Media
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anhui and Inly is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and Inly Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inly Media 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 Inly Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inly Media has no effect on the direction of Anhui Gujing i.e., Anhui Gujing and Inly Media go up and down completely randomly.
Pair Corralation between Anhui Gujing and Inly Media
Assuming the 90 days trading horizon Anhui Gujing is expected to generate 6.11 times less return on investment than Inly Media. But when comparing it to its historical volatility, Anhui Gujing Distillery is 2.07 times less risky than Inly Media. It trades about 0.0 of its potential returns per unit of risk. Inly Media Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,727 in Inly Media Co on September 2, 2024 and sell it today you would lose (138.00) from holding Inly Media Co or give up 7.99% 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. Inly Media Co
Performance |
Timeline |
Anhui Gujing Distillery |
Inly Media |
Anhui Gujing and Inly Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anhui Gujing and Inly Media
The main advantage of trading using opposite Anhui Gujing and Inly Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing position performs unexpectedly, Inly Media 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 Inly Media will offset losses from the drop in Inly Media'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 |
Inly Media vs. Milkyway Chemical Supply | Inly Media vs. Tianshui Huatian Technology | Inly Media vs. Western Superconducting Tech | Inly Media vs. Do Fluoride Chemicals Co |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |