Correlation Between Penyao Environmental and Anhui Shiny
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By analyzing existing cross correlation between Penyao Environmental Protection and Anhui Shiny Electronic, you can compare the effects of market volatilities on Penyao Environmental and Anhui Shiny 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 Penyao Environmental with a short position of Anhui Shiny. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penyao Environmental and Anhui Shiny.
Diversification Opportunities for Penyao Environmental and Anhui Shiny
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Penyao and Anhui is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Penyao Environmental Protectio and Anhui Shiny Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Shiny Electronic and Penyao Environmental 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 Penyao Environmental Protection are associated (or correlated) with Anhui Shiny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Shiny Electronic has no effect on the direction of Penyao Environmental i.e., Penyao Environmental and Anhui Shiny go up and down completely randomly.
Pair Corralation between Penyao Environmental and Anhui Shiny
Assuming the 90 days trading horizon Penyao Environmental Protection is expected to under-perform the Anhui Shiny. But the stock apears to be less risky and, when comparing its historical volatility, Penyao Environmental Protection is 2.84 times less risky than Anhui Shiny. The stock trades about -0.18 of its potential returns per unit of risk. The Anhui Shiny Electronic is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 2,126 in Anhui Shiny Electronic on November 4, 2024 and sell it today you would lose (42.00) from holding Anhui Shiny Electronic or give up 1.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Penyao Environmental Protectio vs. Anhui Shiny Electronic
Performance |
| Timeline |
| Penyao Environmental |
| Anhui Shiny Electronic |
Penyao Environmental and Anhui Shiny Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Penyao Environmental and Anhui Shiny
The main advantage of trading using opposite Penyao Environmental and Anhui Shiny positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penyao Environmental position performs unexpectedly, Anhui Shiny 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 Shiny will offset losses from the drop in Anhui Shiny's long position.| Penyao Environmental vs. Jiugui Liquor Co | Penyao Environmental vs. Yan Tai Shuang | Penyao Environmental vs. Qingdao Foods Co | Penyao Environmental vs. Jiamei Food Packaging |
| Anhui Shiny vs. Guocheng Mining Co | Anhui Shiny vs. Zhejiang Zhengguang Industrial | Anhui Shiny vs. JCHX Mining Management | Anhui Shiny vs. Pengxin International Mining |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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