Correlation Between Anhui Shiny and Fujian Nanwang
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By analyzing existing cross correlation between Anhui Shiny Electronic and Fujian Nanwang Environment, you can compare the effects of market volatilities on Anhui Shiny and Fujian Nanwang 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 Fujian Nanwang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Fujian Nanwang.
Diversification Opportunities for Anhui Shiny and Fujian Nanwang
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Anhui and Fujian is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Fujian Nanwang Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Nanwang Envir 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 Fujian Nanwang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Nanwang Envir has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Fujian Nanwang go up and down completely randomly.
Pair Corralation between Anhui Shiny and Fujian Nanwang
Assuming the 90 days trading horizon Anhui Shiny Electronic is expected to generate 1.36 times more return on investment than Fujian Nanwang. However, Anhui Shiny is 1.36 times more volatile than Fujian Nanwang Environment. It trades about 0.0 of its potential returns per unit of risk. Fujian Nanwang Environment is currently generating about -0.28 per unit of risk. If you would invest 2,110 in Anhui Shiny Electronic on November 6, 2024 and sell it today you would lose (26.00) from holding Anhui Shiny Electronic or give up 1.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Shiny Electronic vs. Fujian Nanwang Environment
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Fujian Nanwang Envir |
Anhui Shiny and Fujian Nanwang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Fujian Nanwang
The main advantage of trading using opposite Anhui Shiny and Fujian Nanwang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Fujian Nanwang 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 Fujian Nanwang will offset losses from the drop in Fujian Nanwang's long position.| Anhui Shiny vs. Chengtun Mining Group | Anhui Shiny vs. Guangzhou Haozhi Industrial | Anhui Shiny vs. Zhejiang Zhengguang Industrial | Anhui Shiny vs. Xinhua Winshare Publishing |
| Fujian Nanwang vs. Fibocom Wireless | Fujian Nanwang vs. Jiangsu Financial Leasing | Fujian Nanwang vs. Shandong Homey Aquatic | Fujian Nanwang vs. Bingo Software Co |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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