Correlation Between Anhui Shiny and Orinko Advanced
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By analyzing existing cross correlation between Anhui Shiny Electronic and Orinko Advanced Plastics, you can compare the effects of market volatilities on Anhui Shiny and Orinko Advanced 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 Orinko Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Shiny and Orinko Advanced.
Diversification Opportunities for Anhui Shiny and Orinko Advanced
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anhui and Orinko is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Shiny Electronic and Orinko Advanced Plastics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orinko Advanced Plastics 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 Orinko Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orinko Advanced Plastics has no effect on the direction of Anhui Shiny i.e., Anhui Shiny and Orinko Advanced go up and down completely randomly.
Pair Corralation between Anhui Shiny and Orinko Advanced
Assuming the 90 days trading horizon Anhui Shiny Electronic is expected to generate 1.49 times more return on investment than Orinko Advanced. However, Anhui Shiny is 1.49 times more volatile than Orinko Advanced Plastics. It trades about 0.03 of its potential returns per unit of risk. Orinko Advanced Plastics is currently generating about 0.0 per unit of risk. If you would invest 2,166 in Anhui Shiny Electronic on October 28, 2024 and sell it today you would earn a total of 26.00 from holding Anhui Shiny Electronic or generate 1.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Shiny Electronic vs. Orinko Advanced Plastics
Performance |
| Timeline |
| Anhui Shiny Electronic |
| Orinko Advanced Plastics |
Anhui Shiny and Orinko Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Shiny and Orinko Advanced
The main advantage of trading using opposite Anhui Shiny and Orinko Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Shiny position performs unexpectedly, Orinko Advanced 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 Orinko Advanced will offset losses from the drop in Orinko Advanced's long position.| Anhui Shiny vs. Fujian Nanwang Environment | Anhui Shiny vs. Beijing Yanjing Brewery | Anhui Shiny vs. Tsingtao Brewery Co | Anhui Shiny vs. Tederic Machinery Co |
| Orinko Advanced vs. Zijin Mining Group | Orinko Advanced vs. Wanhua Chemical Group | Orinko Advanced vs. Baoshan Iron Steel | Orinko Advanced vs. Shandong Gold Mining |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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