Correlation Between Sharetronic Data and Anhui Gujing
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By analyzing existing cross correlation between Sharetronic Data Technology and Anhui Gujing Distillery, you can compare the effects of market volatilities on Sharetronic Data and Anhui Gujing 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 Sharetronic Data with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sharetronic Data and Anhui Gujing.
Diversification Opportunities for Sharetronic Data and Anhui Gujing
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sharetronic and Anhui is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Sharetronic Data Technology and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery and Sharetronic Data 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 Sharetronic Data Technology are associated (or correlated) with Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of Sharetronic Data i.e., Sharetronic Data and Anhui Gujing go up and down completely randomly.
Pair Corralation between Sharetronic Data and Anhui Gujing
Assuming the 90 days trading horizon Sharetronic Data Technology is expected to generate 2.1 times more return on investment than Anhui Gujing. However, Sharetronic Data is 2.1 times more volatile than Anhui Gujing Distillery. It trades about 0.14 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.13 per unit of risk. If you would invest 8,332 in Sharetronic Data Technology on October 16, 2024 and sell it today you would earn a total of 1,939 from holding Sharetronic Data Technology or generate 23.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sharetronic Data Technology vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Sharetronic Data Tec |
| Anhui Gujing Distillery |
Sharetronic Data and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sharetronic Data and Anhui Gujing
The main advantage of trading using opposite Sharetronic Data and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sharetronic Data position performs unexpectedly, Anhui Gujing 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 Gujing will offset losses from the drop in Anhui Gujing's long position.| Sharetronic Data vs. China Eastern Airlines | Sharetronic Data vs. Ziel Home Furnishing | Sharetronic Data vs. Guangzhou Jinyi Media | Sharetronic Data vs. Mango Excellent Media |
| Anhui Gujing vs. Changchun UP Optotech | Anhui Gujing vs. Sharetronic Data Technology | Anhui Gujing vs. CGN Nuclear Technology | Anhui Gujing vs. Heilongjiang Transport Development |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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