Correlation Between Beijing Enlight and Anhui Transport
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Enlight Media and Anhui Transport Consulting, you can compare the effects of market volatilities on Beijing Enlight and Anhui Transport 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 Beijing Enlight with a short position of Anhui Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Enlight and Anhui Transport.
Diversification Opportunities for Beijing Enlight and Anhui Transport
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beijing and Anhui is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Enlight Media and Anhui Transport Consulting in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Transport Cons and Beijing Enlight 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 Beijing Enlight Media are associated (or correlated) with Anhui Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Transport Cons has no effect on the direction of Beijing Enlight i.e., Beijing Enlight and Anhui Transport go up and down completely randomly.
Pair Corralation between Beijing Enlight and Anhui Transport
Assuming the 90 days trading horizon Beijing Enlight Media is expected to generate 1.68 times more return on investment than Anhui Transport. However, Beijing Enlight is 1.68 times more volatile than Anhui Transport Consulting. It trades about 0.05 of its potential returns per unit of risk. Anhui Transport Consulting is currently generating about -0.13 per unit of risk. If you would invest 917.00 in Beijing Enlight Media on October 24, 2024 and sell it today you would earn a total of 19.00 from holding Beijing Enlight Media or generate 2.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Enlight Media vs. Anhui Transport Consulting
Performance |
| Timeline |
| Beijing Enlight Media |
| Anhui Transport Cons |
Beijing Enlight and Anhui Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Enlight and Anhui Transport
The main advantage of trading using opposite Beijing Enlight and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Enlight position performs unexpectedly, Anhui Transport 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 Anhui Transport will offset losses from the drop in Anhui Transport's long position.| Beijing Enlight vs. HeBei Jinniu Chemical | Beijing Enlight vs. Guangzhou Ruoyuchen Information | Beijing Enlight vs. Tongding Interconnection Information | Beijing Enlight vs. Dymatic Chemicals |
| Anhui Transport vs. Threes Company Media | Anhui Transport vs. Changjiang Publishing Media | Anhui Transport vs. Ciwen Media Co | Anhui Transport vs. Beijing Enlight Media |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |