Correlation Between Anker Innovations and North Copper
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By analyzing existing cross correlation between Anker Innovations Technology and North Copper Shanxi, you can compare the effects of market volatilities on Anker Innovations and North Copper 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 North Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anker Innovations and North Copper.
Diversification Opportunities for Anker Innovations and North Copper
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anker and North is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Anker Innovations Technology and North Copper Shanxi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on North Copper Shanxi 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 North Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of North Copper Shanxi has no effect on the direction of Anker Innovations i.e., Anker Innovations and North Copper go up and down completely randomly.
Pair Corralation between Anker Innovations and North Copper
Assuming the 90 days trading horizon Anker Innovations Technology is expected to generate 0.71 times more return on investment than North Copper. However, Anker Innovations Technology is 1.41 times less risky than North Copper. It trades about 0.32 of its potential returns per unit of risk. North Copper Shanxi is currently generating about 0.06 per unit of risk. If you would invest 8,201 in Anker Innovations Technology on October 30, 2024 and sell it today you would earn a total of 2,651 from holding Anker Innovations Technology or generate 32.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anker Innovations Technology vs. North Copper Shanxi
Performance |
| Timeline |
| Anker Innovations |
| North Copper Shanxi |
Anker Innovations and North Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anker Innovations and North Copper
The main advantage of trading using opposite Anker Innovations and North Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anker Innovations position performs unexpectedly, North Copper 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 North Copper will offset losses from the drop in North Copper's long position.| Anker Innovations vs. MayAir Technology Co | Anker Innovations vs. Eyebright Medical Technology | Anker Innovations vs. Harbin Air Conditioning | Anker Innovations vs. Kingclean Electric Co |
| North Copper vs. Citic Guoan Wine | North Copper vs. Shanghai Yaoji Playing | North Copper vs. Nuode Investment Co | North Copper vs. Hunan Investment Group |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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