Correlation Between Sharetronic Data and Anhui Xinhua
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By analyzing existing cross correlation between Sharetronic Data Technology and Anhui Xinhua Media, you can compare the effects of market volatilities on Sharetronic Data and Anhui Xinhua 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 Xinhua. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sharetronic Data and Anhui Xinhua.
Diversification Opportunities for Sharetronic Data and Anhui Xinhua
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sharetronic and Anhui is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Sharetronic Data Technology and Anhui Xinhua Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Xinhua Media 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 Xinhua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Xinhua Media has no effect on the direction of Sharetronic Data i.e., Sharetronic Data and Anhui Xinhua go up and down completely randomly.
Pair Corralation between Sharetronic Data and Anhui Xinhua
Assuming the 90 days trading horizon Sharetronic Data Technology is expected to generate 2.51 times more return on investment than Anhui Xinhua. However, Sharetronic Data is 2.51 times more volatile than Anhui Xinhua Media. It trades about 0.03 of its potential returns per unit of risk. Anhui Xinhua Media is currently generating about -0.05 per unit of risk. If you would invest 9,113 in Sharetronic Data Technology on October 30, 2024 and sell it today you would earn a total of 15.00 from holding Sharetronic Data Technology or generate 0.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sharetronic Data Technology vs. Anhui Xinhua Media
Performance |
| Timeline |
| Sharetronic Data Tec |
| Anhui Xinhua Media |
Sharetronic Data and Anhui Xinhua Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sharetronic Data and Anhui Xinhua
The main advantage of trading using opposite Sharetronic Data and Anhui Xinhua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sharetronic Data position performs unexpectedly, Anhui Xinhua 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 Xinhua will offset losses from the drop in Anhui Xinhua's long position.| Sharetronic Data vs. Zotye Automobile Co | Sharetronic Data vs. China Mobile Limited | Sharetronic Data vs. Muyuan Foodstuff Co | Sharetronic Data vs. Guangdong Wens Foodstuff |
| Anhui Xinhua vs. PetroChina Co Ltd | Anhui Xinhua vs. China Mobile Limited | Anhui Xinhua vs. CNOOC Limited | Anhui Xinhua vs. Ping An Insurance |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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