Correlation Between Anshan Senyuan and Malion New
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By analyzing existing cross correlation between Anshan Senyuan Road and Malion New Materials, you can compare the effects of market volatilities on Anshan Senyuan and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anshan Senyuan and Malion New.
Diversification Opportunities for Anshan Senyuan and Malion New
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Anshan and Malion is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Anshan Senyuan Road and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Anshan Senyuan i.e., Anshan Senyuan and Malion New go up and down completely randomly.
Pair Corralation between Anshan Senyuan and Malion New
Assuming the 90 days trading horizon Anshan Senyuan Road is expected to generate 1.62 times more return on investment than Malion New. However, Anshan Senyuan is 1.62 times more volatile than Malion New Materials. It trades about 0.07 of its potential returns per unit of risk. Malion New Materials is currently generating about -0.03 per unit of risk. If you would invest 321.00 in Anshan Senyuan Road on October 16, 2024 and sell it today you would earn a total of 614.00 from holding Anshan Senyuan Road or generate 191.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.78% |
| Values | Daily Returns |
Anshan Senyuan Road vs. Malion New Materials
Performance |
| Timeline |
| Anshan Senyuan Road |
| Malion New Materials |
Anshan Senyuan and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anshan Senyuan and Malion New
The main advantage of trading using opposite Anshan Senyuan and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anshan Senyuan position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Anshan Senyuan vs. Anhui Transport Consulting | Anshan Senyuan vs. Tongling Nonferrous Metals | Anshan Senyuan vs. Ye Chiu Metal | Anshan Senyuan vs. China Aluminum International |
| Malion New vs. Anshan Senyuan Road | Malion New vs. Citic Offshore Helicopter | Malion New vs. CSSC Offshore Marine | Malion New vs. Zhongshan Broad Ocean Motor |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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