Correlation Between Anhui Shiny and Tsingtao Brewery
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By analyzing existing cross correlation between Anhui Shiny Electronic and Tsingtao Brewery Co, you can compare the effects of market volatilities on Anhui Shiny and Tsingtao Brewery 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 Tsingtao Brewery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Tsingtao Brewery.
Diversification Opportunities for Anhui Shiny and Tsingtao Brewery
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Anhui and Tsingtao is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Tsingtao Brewery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tsingtao Brewery 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 Tsingtao Brewery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tsingtao Brewery has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Tsingtao Brewery go up and down completely randomly.
Pair Corralation between Anhui Shiny and Tsingtao Brewery
Assuming the 90 days trading horizon Anhui Shiny Electronic is expected to generate 2.82 times more return on investment than Tsingtao Brewery. However, Anhui Shiny is 2.82 times more volatile than Tsingtao Brewery Co. It trades about 0.0 of its potential returns per unit of risk. Tsingtao Brewery Co is currently generating about -0.32 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. Tsingtao Brewery Co
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Tsingtao Brewery |
Anhui Shiny and Tsingtao Brewery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Tsingtao Brewery
The main advantage of trading using opposite Anhui Shiny and Tsingtao Brewery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Tsingtao Brewery 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 Tsingtao Brewery will offset losses from the drop in Tsingtao Brewery'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 |
| Tsingtao Brewery vs. Postal Savings Bank | Tsingtao Brewery vs. Hangzhou Arcvideo Technology | Tsingtao Brewery vs. Linewell Software Co | Tsingtao Brewery vs. Xiandai Investment 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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