Correlation Between Anhui Shiny and Shanghai Construction
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Shiny Electronic and Shanghai Construction Group, you can compare the effects of market volatilities on Anhui Shiny and Shanghai Construction 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 Shanghai Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Shanghai Construction.
Diversification Opportunities for Anhui Shiny and Shanghai Construction
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anhui and Shanghai is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Shanghai Construction Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Construction 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 Shanghai Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Construction has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Shanghai Construction go up and down completely randomly.
Pair Corralation between Anhui Shiny and Shanghai Construction
Assuming the 90 days trading horizon Anhui Shiny Electronic is expected to generate 2.87 times more return on investment than Shanghai Construction. However, Anhui Shiny is 2.87 times more volatile than Shanghai Construction Group. It trades about 0.04 of its potential returns per unit of risk. Shanghai Construction Group is currently generating about 0.0 per unit of risk. If you would invest 1,543 in Anhui Shiny Electronic on November 6, 2024 and sell it today you would earn a total of 541.00 from holding Anhui Shiny Electronic or generate 35.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Shiny Electronic vs. Shanghai Construction Group
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Shanghai Construction |
Anhui Shiny and Shanghai Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Shanghai Construction
The main advantage of trading using opposite Anhui Shiny and Shanghai Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Shanghai Construction 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 Shanghai Construction will offset losses from the drop in Shanghai Construction'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 |
| Shanghai Construction vs. Beijing Baolande Software | Shanghai Construction vs. Anhui Gujing Distillery | Shanghai Construction vs. Servyou Software Group | Shanghai Construction vs. Jiangsu Financial Leasing |
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 Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |