Correlation Between Anhui Shiny and Tederic Machinery
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Shiny Electronic and Tederic Machinery Co, you can compare the effects of market volatilities on Anhui Shiny and Tederic Machinery 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 Tederic Machinery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Tederic Machinery.
Diversification Opportunities for Anhui Shiny and Tederic Machinery
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Anhui and Tederic is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Tederic Machinery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tederic Machinery 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 Tederic Machinery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tederic Machinery has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Tederic Machinery go up and down completely randomly.
Pair Corralation between Anhui Shiny and Tederic Machinery
Assuming the 90 days trading horizon Anhui Shiny is expected to generate 54.33 times less return on investment than Tederic Machinery. In addition to that, Anhui Shiny is 2.33 times more volatile than Tederic Machinery Co. It trades about 0.0 of its total potential returns per unit of risk. Tederic Machinery Co is currently generating about 0.38 per unit of volatility. If you would invest 788.00 in Tederic Machinery Co on November 6, 2024 and sell it today you would earn a total of 97.00 from holding Tederic Machinery Co or generate 12.31% 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. Tederic Machinery Co
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Tederic Machinery |
Anhui Shiny and Tederic Machinery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Tederic Machinery
The main advantage of trading using opposite Anhui Shiny and Tederic Machinery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Tederic Machinery 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 Tederic Machinery will offset losses from the drop in Tederic Machinery'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 |
| Tederic Machinery vs. Bank of Communications | Tederic Machinery vs. Bohai Leasing Co | Tederic Machinery vs. Sinomach Automobile Co | Tederic Machinery vs. Runjian Communication 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |