Correlation Between Anker Innovations and Zhongrun Resources
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By analyzing existing cross correlation between Anker Innovations Technology and Zhongrun Resources Investment, you can compare the effects of market volatilities on Anker Innovations and Zhongrun Resources 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 Anker Innovations with a short position of Zhongrun Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anker Innovations and Zhongrun Resources.
Diversification Opportunities for Anker Innovations and Zhongrun Resources
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anker and Zhongrun is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Anker Innovations Technology and Zhongrun Resources Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongrun Resources and Anker Innovations 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 Anker Innovations Technology are associated (or correlated) with Zhongrun Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongrun Resources has no effect on the direction of Anker Innovations i.e., Anker Innovations and Zhongrun Resources go up and down completely randomly.
Pair Corralation between Anker Innovations and Zhongrun Resources
Assuming the 90 days trading horizon Anker Innovations Technology is expected to generate 0.64 times more return on investment than Zhongrun Resources. However, Anker Innovations Technology is 1.56 times less risky than Zhongrun Resources. It trades about 0.06 of its potential returns per unit of risk. Zhongrun Resources Investment is currently generating about 0.02 per unit of risk. If you would invest 6,269 in Anker Innovations Technology on October 16, 2024 and sell it today you would earn a total of 4,075 from holding Anker Innovations Technology or generate 65.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.74% |
| Values | Daily Returns |
Anker Innovations Technology vs. Zhongrun Resources Investment
Performance |
| Timeline |
| Anker Innovations |
| Zhongrun Resources |
Anker Innovations and Zhongrun Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anker Innovations and Zhongrun Resources
The main advantage of trading using opposite Anker Innovations and Zhongrun Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anker Innovations position performs unexpectedly, Zhongrun Resources 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 Zhongrun Resources will offset losses from the drop in Zhongrun Resources' long position.| Anker Innovations vs. Kweichow Moutai Co | Anker Innovations vs. NAURA Technology Group | Anker Innovations vs. Zhejiang Orient Gene | Anker Innovations vs. APT Medical |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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