Correlation Between Marssenger Kitchenware and Anhui Jianghuai
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By analyzing existing cross correlation between Marssenger Kitchenware Co and Anhui Jianghuai Automobile, you can compare the effects of market volatilities on Marssenger Kitchenware and Anhui Jianghuai 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 Marssenger Kitchenware with a short position of Anhui Jianghuai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marssenger Kitchenware and Anhui Jianghuai.
Diversification Opportunities for Marssenger Kitchenware and Anhui Jianghuai
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Marssenger and Anhui is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Marssenger Kitchenware Co and Anhui Jianghuai Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Jianghuai Auto and Marssenger Kitchenware 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 Marssenger Kitchenware Co are associated (or correlated) with Anhui Jianghuai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Jianghuai Auto has no effect on the direction of Marssenger Kitchenware i.e., Marssenger Kitchenware and Anhui Jianghuai go up and down completely randomly.
Pair Corralation between Marssenger Kitchenware and Anhui Jianghuai
Assuming the 90 days trading horizon Marssenger Kitchenware is expected to generate 2.37 times less return on investment than Anhui Jianghuai. In addition to that, Marssenger Kitchenware is 1.74 times more volatile than Anhui Jianghuai Automobile. It trades about 0.03 of its total potential returns per unit of risk. Anhui Jianghuai Automobile is currently generating about 0.12 per unit of volatility. If you would invest 3,758 in Anhui Jianghuai Automobile on October 24, 2024 and sell it today you would earn a total of 248.00 from holding Anhui Jianghuai Automobile or generate 6.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marssenger Kitchenware Co vs. Anhui Jianghuai Automobile
Performance |
| Timeline |
| Marssenger Kitchenware |
| Anhui Jianghuai Auto |
Marssenger Kitchenware and Anhui Jianghuai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marssenger Kitchenware and Anhui Jianghuai
The main advantage of trading using opposite Marssenger Kitchenware and Anhui Jianghuai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marssenger Kitchenware position performs unexpectedly, Anhui Jianghuai 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 Jianghuai will offset losses from the drop in Anhui Jianghuai's long position.| Marssenger Kitchenware vs. Air China Ltd | Marssenger Kitchenware vs. Hubei Xingfa Chemicals | Marssenger Kitchenware vs. Tianshui Huatian Technology | Marssenger Kitchenware vs. Montage Technology Co |
| Anhui Jianghuai vs. New Hope Dairy | Anhui Jianghuai vs. Dazhong Transportation Group | Anhui Jianghuai vs. Marssenger Kitchenware Co | Anhui Jianghuai vs. Sichuan Fulin Transportation |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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