Correlation Between Jiangsu Jinling and Anji Foodstuff
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Anji Foodstuff Co, you can compare the effects of market volatilities on Jiangsu Jinling and Anji Foodstuff 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 Jiangsu Jinling with a short position of Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Anji Foodstuff.
Diversification Opportunities for Jiangsu Jinling and Anji Foodstuff
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Anji is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff and Jiangsu Jinling 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 Jiangsu Jinling Sports are associated (or correlated) with Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Anji Foodstuff
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to under-perform the Anji Foodstuff. In addition to that, Jiangsu Jinling is 1.14 times more volatile than Anji Foodstuff Co. It trades about -0.02 of its total potential returns per unit of risk. Anji Foodstuff Co is currently generating about 0.0 per unit of volatility. If you would invest 1,042 in Anji Foodstuff Co on September 4, 2024 and sell it today you would lose (165.00) from holding Anji Foodstuff Co or give up 15.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Anji Foodstuff Co
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Anji Foodstuff |
Jiangsu Jinling and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Anji Foodstuff
The main advantage of trading using opposite Jiangsu Jinling and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff's long position.| Jiangsu Jinling vs. BeiGene | Jiangsu Jinling vs. Kweichow Moutai Co | Jiangsu Jinling vs. Beijing Roborock Technology | Jiangsu Jinling vs. G bits Network Technology |
| Anji Foodstuff vs. Sunwave Communications Co | Anji Foodstuff vs. Wuhan Yangtze Communication | Anji Foodstuff vs. Jiangxi Hengda Hi Tech | Anji Foodstuff vs. Shenzhen Zhongzhuang Construction |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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