Correlation Between Anshan Senyuan and China Sports
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By analyzing existing cross correlation between Anshan Senyuan Road and China Sports Industry, you can compare the effects of market volatilities on Anshan Senyuan and China Sports 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 Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anshan Senyuan and China Sports.
Diversification Opportunities for Anshan Senyuan and China Sports
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anshan and China is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Anshan Senyuan Road and China Sports Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Sports Industry 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 Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Sports Industry has no effect on the direction of Anshan Senyuan i.e., Anshan Senyuan and China Sports go up and down completely randomly.
Pair Corralation between Anshan Senyuan and China Sports
Assuming the 90 days trading horizon Anshan Senyuan Road is expected to under-perform the China Sports. In addition to that, Anshan Senyuan is 1.07 times more volatile than China Sports Industry. It trades about -0.2 of its total potential returns per unit of risk. China Sports Industry is currently generating about -0.05 per unit of volatility. If you would invest 841.00 in China Sports Industry on October 30, 2024 and sell it today you would lose (61.00) from holding China Sports Industry or give up 7.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anshan Senyuan Road vs. China Sports Industry
Performance |
| Timeline |
| Anshan Senyuan Road |
| China Sports Industry |
Anshan Senyuan and China Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anshan Senyuan and China Sports
The main advantage of trading using opposite Anshan Senyuan and China Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anshan Senyuan position performs unexpectedly, China Sports 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 Sports will offset losses from the drop in China Sports' long position.| Anshan Senyuan vs. Agricultural Bank of | Anshan Senyuan vs. Sportsoul Co Ltd | Anshan Senyuan vs. Panda Financial Holding | Anshan Senyuan vs. Jiangsu Financial Leasing |
| China Sports vs. Huatian Hotel Group | China Sports vs. Guangzhou Dongfang Hotel | China Sports vs. Jiahe Foods Industry | China Sports vs. Liuzhou Chemical Industry |
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.
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