Correlation Between Anshan Senyuan and Haoxiangni Jujube
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By analyzing existing cross correlation between Anshan Senyuan Road and Haoxiangni Jujube Co, you can compare the effects of market volatilities on Anshan Senyuan and Haoxiangni Jujube 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 Anshan Senyuan with a short position of Haoxiangni Jujube. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anshan Senyuan and Haoxiangni Jujube.
Diversification Opportunities for Anshan Senyuan and Haoxiangni Jujube
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Anshan and Haoxiangni is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Anshan Senyuan Road and Haoxiangni Jujube Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haoxiangni Jujube and Anshan Senyuan 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 Anshan Senyuan Road are associated (or correlated) with Haoxiangni Jujube. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haoxiangni Jujube has no effect on the direction of Anshan Senyuan i.e., Anshan Senyuan and Haoxiangni Jujube go up and down completely randomly.
Pair Corralation between Anshan Senyuan and Haoxiangni Jujube
Assuming the 90 days trading horizon Anshan Senyuan Road is expected to under-perform the Haoxiangni Jujube. But the stock apears to be less risky and, when comparing its historical volatility, Anshan Senyuan Road is 1.71 times less risky than Haoxiangni Jujube. The stock trades about -0.31 of its potential returns per unit of risk. The Haoxiangni Jujube Co is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 644.00 in Haoxiangni Jujube Co on October 11, 2024 and sell it today you would earn a total of 128.00 from holding Haoxiangni Jujube Co or generate 19.88% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Anshan Senyuan Road vs. Haoxiangni Jujube Co
Performance |
Timeline |
Anshan Senyuan Road |
Haoxiangni Jujube |
Anshan Senyuan and Haoxiangni Jujube Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anshan Senyuan and Haoxiangni Jujube
The main advantage of trading using opposite Anshan Senyuan and Haoxiangni Jujube positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anshan Senyuan position performs unexpectedly, Haoxiangni Jujube 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 Haoxiangni Jujube will offset losses from the drop in Haoxiangni Jujube's long position.Anshan Senyuan vs. Beijing Mainstreets Investment | Anshan Senyuan vs. Ye Chiu Metal | Anshan Senyuan vs. Rising Nonferrous Metals | Anshan Senyuan vs. Guangdong Jingyi Metal |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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