Correlation Between Mango Excellent and Fujian Anjoy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Mango Excellent Media and Fujian Anjoy Foods, you can compare the effects of market volatilities on Mango Excellent and Fujian Anjoy 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 Mango Excellent with a short position of Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Fujian Anjoy.
Diversification Opportunities for Mango Excellent and Fujian Anjoy
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mango and Fujian is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods and Mango Excellent 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 Mango Excellent Media are associated (or correlated) with Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Mango Excellent i.e., Mango Excellent and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Mango Excellent and Fujian Anjoy
Assuming the 90 days trading horizon Mango Excellent Media is expected to under-perform the Fujian Anjoy. But the stock apears to be less risky and, when comparing its historical volatility, Mango Excellent Media is 1.16 times less risky than Fujian Anjoy. The stock trades about -0.44 of its potential returns per unit of risk. The Fujian Anjoy Foods is currently generating about -0.22 of returns per unit of risk over similar time horizon. If you would invest 8,615 in Fujian Anjoy Foods on October 11, 2024 and sell it today you would lose (896.00) from holding Fujian Anjoy Foods or give up 10.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Mango Excellent Media |
| Fujian Anjoy Foods |
Mango Excellent and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and Fujian Anjoy
The main advantage of trading using opposite Mango Excellent and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy's long position.| Mango Excellent vs. Kingsignal Technology Co | Mango Excellent vs. Hangzhou Arcvideo Technology | Mango Excellent vs. Soyea Technology Co | Mango Excellent vs. Lootom Telcovideo Network |
| Fujian Anjoy vs. Western Metal Materials | Fujian Anjoy vs. Wuhan Yangtze Communication | Fujian Anjoy vs. Xinke Material | Fujian Anjoy vs. Jilin Jlu Communication |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |