Correlation Between Anhui Shiny and Dymatic Chemicals
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By analyzing existing cross correlation between Anhui Shiny Electronic and Dymatic Chemicals, you can compare the effects of market volatilities on Anhui Shiny and Dymatic Chemicals 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 Dymatic Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Dymatic Chemicals.
Diversification Opportunities for Anhui Shiny and Dymatic Chemicals
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Anhui and Dymatic is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Dymatic Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dymatic Chemicals 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 Dymatic Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dymatic Chemicals has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Dymatic Chemicals go up and down completely randomly.
Pair Corralation between Anhui Shiny and Dymatic Chemicals
Assuming the 90 days trading horizon Anhui Shiny Electronic is expected to under-perform the Dymatic Chemicals. In addition to that, Anhui Shiny is 2.31 times more volatile than Dymatic Chemicals. It trades about -0.02 of its total potential returns per unit of risk. Dymatic Chemicals is currently generating about 0.03 per unit of volatility. If you would invest 596.00 in Dymatic Chemicals on October 30, 2024 and sell it today you would earn a total of 4.00 from holding Dymatic Chemicals or generate 0.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Anhui Shiny Electronic vs. Dymatic Chemicals
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Dymatic Chemicals |
Anhui Shiny and Dymatic Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Dymatic Chemicals
The main advantage of trading using opposite Anhui Shiny and Dymatic Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Dymatic Chemicals 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 Dymatic Chemicals will offset losses from the drop in Dymatic Chemicals' long position.| Anhui Shiny vs. Lecron Energy Saving | Anhui Shiny vs. Panda Financial Holding | Anhui Shiny vs. Peoples Insurance of | Anhui Shiny vs. Everdisplay Optronics Shanghai |
| Dymatic Chemicals vs. Zijin Mining Group | Dymatic Chemicals vs. Wanhua Chemical Group | Dymatic Chemicals vs. Baoshan Iron Steel | Dymatic Chemicals vs. Shandong Gold Mining |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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