Correlation Between Anker Innovations and Emdoor Information
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By analyzing existing cross correlation between Anker Innovations Technology and Emdoor Information Co, you can compare the effects of market volatilities on Anker Innovations and Emdoor Information 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 Emdoor Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anker Innovations and Emdoor Information.
Diversification Opportunities for Anker Innovations and Emdoor Information
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Anker and Emdoor is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Anker Innovations Technology and Emdoor Information Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emdoor Information 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 Emdoor Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emdoor Information has no effect on the direction of Anker Innovations i.e., Anker Innovations and Emdoor Information go up and down completely randomly.
Pair Corralation between Anker Innovations and Emdoor Information
Assuming the 90 days trading horizon Anker Innovations Technology is expected to generate 0.5 times more return on investment than Emdoor Information. However, Anker Innovations Technology is 2.0 times less risky than Emdoor Information. It trades about 0.35 of its potential returns per unit of risk. Emdoor Information Co is currently generating about -0.16 per unit of risk. If you would invest 9,342 in Anker Innovations Technology on November 2, 2024 and sell it today you would earn a total of 1,510 from holding Anker Innovations Technology or generate 16.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anker Innovations Technology vs. Emdoor Information Co
Performance |
| Timeline |
| Anker Innovations |
| Emdoor Information |
Anker Innovations and Emdoor Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anker Innovations and Emdoor Information
The main advantage of trading using opposite Anker Innovations and Emdoor Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anker Innovations position performs unexpectedly, Emdoor Information 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 Emdoor Information will offset losses from the drop in Emdoor Information's long position.| Anker Innovations vs. Shenyang Chemical Industry | Anker Innovations vs. Maoming Petro Chemical Shihua | Anker Innovations vs. Jinsanjiang Silicon Material | Anker Innovations vs. Ningbo Bohui Chemical |
| Emdoor Information vs. Wuhan Hvsen Biotechnology | Emdoor Information vs. Jinhe Biotechnology Co | Emdoor Information vs. Chison Medical Technologies | Emdoor Information vs. Sino Medical Sciences |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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