Correlation Between Anhui Shiny and Anyang Iron
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Shiny Electronic and Anyang Iron Steel, you can compare the effects of market volatilities on Anhui Shiny and Anyang Iron 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 Anyang Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Anyang Iron.
Diversification Opportunities for Anhui Shiny and Anyang Iron
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Anhui and Anyang is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Anyang Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anyang Iron Steel 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 Anyang Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anyang Iron Steel has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Anyang Iron go up and down completely randomly.
Pair Corralation between Anhui Shiny and Anyang Iron
Assuming the 90 days trading horizon Anhui Shiny is expected to generate 16.54 times less return on investment than Anyang Iron. In addition to that, Anhui Shiny is 2.32 times more volatile than Anyang Iron Steel. It trades about 0.0 of its total potential returns per unit of risk. Anyang Iron Steel is currently generating about 0.12 per unit of volatility. If you would invest 176.00 in Anyang Iron Steel on November 6, 2024 and sell it today you would earn a total of 6.00 from holding Anyang Iron Steel or generate 3.41% 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. Anyang Iron Steel
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Anyang Iron Steel |
Anhui Shiny and Anyang Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Anyang Iron
The main advantage of trading using opposite Anhui Shiny and Anyang Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Anyang Iron 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 Anyang Iron will offset losses from the drop in Anyang Iron'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 |
| Anyang Iron vs. Ningxia Younglight Chemicals | Anyang Iron vs. Do Fluoride Chemicals Co | Anyang Iron vs. De Rucci Healthy | Anyang Iron vs. Heren Health 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |