Correlation Between Anshan Senyuan and China World
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By analyzing existing cross correlation between Anshan Senyuan Road and China World Trade, you can compare the effects of market volatilities on Anshan Senyuan and China World 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 China World. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anshan Senyuan and China World.
Diversification Opportunities for Anshan Senyuan and China World
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anshan and China is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Anshan Senyuan Road and China World Trade in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China World Trade 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 China World. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China World Trade has no effect on the direction of Anshan Senyuan i.e., Anshan Senyuan and China World go up and down completely randomly.
Pair Corralation between Anshan Senyuan and China World
Assuming the 90 days trading horizon Anshan Senyuan is expected to generate 1.32 times less return on investment than China World. In addition to that, Anshan Senyuan is 2.03 times more volatile than China World Trade. It trades about 0.08 of its total potential returns per unit of risk. China World Trade is currently generating about 0.22 per unit of volatility. If you would invest 2,386 in China World Trade on November 6, 2024 and sell it today you would earn a total of 110.00 from holding China World Trade or generate 4.61% 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. China World Trade
Performance |
| Timeline |
| Anshan Senyuan Road |
| China World Trade |
Anshan Senyuan and China World Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anshan Senyuan and China World
The main advantage of trading using opposite Anshan Senyuan and China World positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anshan Senyuan position performs unexpectedly, China World 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 China World will offset losses from the drop in China World's long position.| Anshan Senyuan vs. Chengdu Kanghua Biological | Anshan Senyuan vs. Beijing Wantai Biological | Anshan Senyuan vs. Suzhou Novoprotein Scientific | Anshan Senyuan vs. Aluminum Corp of |
| China World vs. Jiangsu Xinri E Vehicle | China World vs. Jilin OLED Material | China World vs. Guangzhou Automobile Group | China World vs. Gansu Huangtai Wine marketing |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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