Correlation Between Anhui Shiny and Zhejiang Publishing
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By analyzing existing cross correlation between Anhui Shiny Electronic and Zhejiang Publishing Media, you can compare the effects of market volatilities on Anhui Shiny and Zhejiang Publishing 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 Zhejiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Zhejiang Publishing.
Diversification Opportunities for Anhui Shiny and Zhejiang Publishing
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anhui and Zhejiang is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Zhejiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Publishing Media 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 Zhejiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Publishing Media has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Zhejiang Publishing go up and down completely randomly.
Pair Corralation between Anhui Shiny and Zhejiang Publishing
Assuming the 90 days trading horizon Anhui Shiny Electronic is expected to generate 2.14 times more return on investment than Zhejiang Publishing. However, Anhui Shiny is 2.14 times more volatile than Zhejiang Publishing Media. It trades about 0.09 of its potential returns per unit of risk. Zhejiang Publishing Media is currently generating about -0.06 per unit of risk. If you would invest 1,848 in Anhui Shiny Electronic on October 30, 2024 and sell it today you would earn a total of 236.00 from holding Anhui Shiny Electronic or generate 12.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.62% |
| Values | Daily Returns |
Anhui Shiny Electronic vs. Zhejiang Publishing Media
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Zhejiang Publishing Media |
Anhui Shiny and Zhejiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Zhejiang Publishing
The main advantage of trading using opposite Anhui Shiny and Zhejiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Zhejiang Publishing 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 Zhejiang Publishing will offset losses from the drop in Zhejiang Publishing's 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 |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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