Correlation Between Anshan Senyuan and Jiangsu Broadcasting
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anshan Senyuan Road and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Anshan Senyuan and Jiangsu Broadcasting 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 Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anshan Senyuan and Jiangsu Broadcasting.
Diversification Opportunities for Anshan Senyuan and Jiangsu Broadcasting
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Anshan and Jiangsu is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Anshan Senyuan Road and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting 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 Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Anshan Senyuan i.e., Anshan Senyuan and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Anshan Senyuan and Jiangsu Broadcasting
Assuming the 90 days trading horizon Anshan Senyuan Road is expected to under-perform the Jiangsu Broadcasting. In addition to that, Anshan Senyuan is 1.71 times more volatile than Jiangsu Broadcasting Cable. It trades about -0.32 of its total potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about -0.44 per unit of volatility. If you would invest 386.00 in Jiangsu Broadcasting Cable on October 11, 2024 and sell it today you would lose (67.00) from holding Jiangsu Broadcasting Cable or give up 17.36% 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. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| Anshan Senyuan Road |
| Jiangsu Broadcasting |
Anshan Senyuan and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anshan Senyuan and Jiangsu Broadcasting
The main advantage of trading using opposite Anshan Senyuan and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anshan Senyuan position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting'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 |
| Jiangsu Broadcasting vs. Guangdong Xiongsu Technology | Jiangsu Broadcasting vs. ROPEOK Technology Group | Jiangsu Broadcasting vs. 360 Security Technology | Jiangsu Broadcasting vs. Songz Automobile Air |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |