Correlation Between King Strong and Anhui Transport
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By analyzing existing cross correlation between King Strong New Material and Anhui Transport Consulting, you can compare the effects of market volatilities on King Strong 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 King Strong with a short position of Anhui Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of King Strong and Anhui Transport.
Diversification Opportunities for King Strong and Anhui Transport
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between King and Anhui is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding King Strong New Material 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 King Strong 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 King Strong New Material 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 King Strong i.e., King Strong and Anhui Transport go up and down completely randomly.
Pair Corralation between King Strong and Anhui Transport
Assuming the 90 days trading horizon King Strong New Material is expected to generate 1.13 times more return on investment than Anhui Transport. However, King Strong is 1.13 times more volatile than Anhui Transport Consulting. It trades about 0.02 of its potential returns per unit of risk. Anhui Transport Consulting is currently generating about 0.02 per unit of risk. If you would invest 2,006 in King Strong New Material on November 27, 2024 and sell it today you would earn a total of 186.00 from holding King Strong New Material or generate 9.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
King Strong New Material vs. Anhui Transport Consulting
Performance |
| Timeline |
| King Strong New |
| Anhui Transport Cons |
King Strong and Anhui Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with King Strong and Anhui Transport
The main advantage of trading using opposite King Strong and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if King Strong 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.| King Strong vs. Gansu Huangtai Wine marketing | King Strong vs. Hainan Airlines Co | King Strong vs. Porton Fine Chemicals | King Strong vs. Anhui Transport Consulting |
| Anhui Transport vs. Sichuan Yahua Industrial | Anhui Transport vs. Changchun Engley Automobile | Anhui Transport vs. Beijing Jiaman Dress | Anhui Transport vs. Chengtun Mining Group |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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