Correlation Between Anhui Shiny and Hunan TV
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By analyzing existing cross correlation between Anhui Shiny Electronic and Hunan TV Broadcast, you can compare the effects of market volatilities on Anhui Shiny and Hunan TV 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 Anhui Shiny with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Hunan TV.
Diversification Opportunities for Anhui Shiny and Hunan TV
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Anhui and Hunan is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Anhui Shiny 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 Anhui Shiny Electronic are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Hunan TV go up and down completely randomly.
Pair Corralation between Anhui Shiny and Hunan TV
Assuming the 90 days trading horizon Anhui Shiny Electronic is expected to generate 1.6 times more return on investment than Hunan TV. However, Anhui Shiny is 1.6 times more volatile than Hunan TV Broadcast. It trades about 0.07 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about -0.56 per unit of risk. If you would invest 1,900 in Anhui Shiny Electronic on October 14, 2024 and sell it today you would earn a total of 85.00 from holding Anhui Shiny Electronic or generate 4.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Shiny Electronic vs. Hunan TV Broadcast
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Hunan TV Broadcast |
Anhui Shiny and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Hunan TV
The main advantage of trading using opposite Anhui Shiny and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Anhui Shiny vs. Shenzhen SDG Information | Anhui Shiny vs. HaiXin Foods Co | Anhui Shiny vs. V V Food | Anhui Shiny vs. Shanghai Ziyan Foods |
| Hunan TV vs. Shenzhen Clou Electronics | Hunan TV vs. Jiangyin Jianghua Microelectronics | Hunan TV vs. Anhui Shiny Electronic | Hunan TV vs. Bloomage Biotechnology Corp |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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