Correlation Between Anshan Senyuan and Ningbo MedicalSystem
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By analyzing existing cross correlation between Anshan Senyuan Road and Ningbo MedicalSystem Biotechnology, you can compare the effects of market volatilities on Anshan Senyuan and Ningbo MedicalSystem 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 Ningbo MedicalSystem. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anshan Senyuan and Ningbo MedicalSystem.
Diversification Opportunities for Anshan Senyuan and Ningbo MedicalSystem
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anshan and Ningbo is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Anshan Senyuan Road and Ningbo MedicalSystem Biotechno in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo MedicalSystem 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 Ningbo MedicalSystem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo MedicalSystem has no effect on the direction of Anshan Senyuan i.e., Anshan Senyuan and Ningbo MedicalSystem go up and down completely randomly.
Pair Corralation between Anshan Senyuan and Ningbo MedicalSystem
Assuming the 90 days trading horizon Anshan Senyuan Road is expected to under-perform the Ningbo MedicalSystem. In addition to that, Anshan Senyuan is 1.56 times more volatile than Ningbo MedicalSystem Biotechnology. It trades about -0.31 of its total potential returns per unit of risk. Ningbo MedicalSystem Biotechnology is currently generating about -0.16 per unit of volatility. If you would invest 1,168 in Ningbo MedicalSystem Biotechnology on October 11, 2024 and sell it today you would lose (170.00) from holding Ningbo MedicalSystem Biotechnology or give up 14.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anshan Senyuan Road vs. Ningbo MedicalSystem Biotechno
Performance |
| Timeline |
| Anshan Senyuan Road |
| Ningbo MedicalSystem |
Anshan Senyuan and Ningbo MedicalSystem Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anshan Senyuan and Ningbo MedicalSystem
The main advantage of trading using opposite Anshan Senyuan and Ningbo MedicalSystem positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anshan Senyuan position performs unexpectedly, Ningbo MedicalSystem 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 Ningbo MedicalSystem will offset losses from the drop in Ningbo MedicalSystem'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 |
| Ningbo MedicalSystem vs. City Development Environment | Ningbo MedicalSystem vs. Hunan Tyen Machinery | Ningbo MedicalSystem vs. Masterwork Machinery | Ningbo MedicalSystem vs. Jinlong Machinery Electronic |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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