Correlation Between Zhonghong Pulin and Anker Innovations
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhonghong Pulin Medical and Anker Innovations Technology, you can compare the effects of market volatilities on Zhonghong Pulin and Anker Innovations 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 Zhonghong Pulin with a short position of Anker Innovations. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhonghong Pulin and Anker Innovations.
Diversification Opportunities for Zhonghong Pulin and Anker Innovations
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zhonghong and Anker is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Zhonghong Pulin Medical and Anker Innovations Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anker Innovations and Zhonghong Pulin 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 Zhonghong Pulin Medical are associated (or correlated) with Anker Innovations. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anker Innovations has no effect on the direction of Zhonghong Pulin i.e., Zhonghong Pulin and Anker Innovations go up and down completely randomly.
Pair Corralation between Zhonghong Pulin and Anker Innovations
Assuming the 90 days trading horizon Zhonghong Pulin is expected to generate 4.11 times less return on investment than Anker Innovations. In addition to that, Zhonghong Pulin is 1.1 times more volatile than Anker Innovations Technology. It trades about 0.02 of its total potential returns per unit of risk. Anker Innovations Technology is currently generating about 0.07 per unit of volatility. If you would invest 4,444 in Anker Innovations Technology on September 26, 2024 and sell it today you would earn a total of 5,175 from holding Anker Innovations Technology or generate 116.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Zhonghong Pulin Medical vs. Anker Innovations Technology
Performance |
| Timeline |
| Zhonghong Pulin Medical |
| Anker Innovations |
Zhonghong Pulin and Anker Innovations Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhonghong Pulin and Anker Innovations
The main advantage of trading using opposite Zhonghong Pulin and Anker Innovations positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhonghong Pulin position performs unexpectedly, Anker Innovations 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 Anker Innovations will offset losses from the drop in Anker Innovations' long position.| Zhonghong Pulin vs. New China Life | Zhonghong Pulin vs. Ming Yang Smart | Zhonghong Pulin vs. 159681 | Zhonghong Pulin vs. 159005 |
| Anker Innovations vs. Bank of China | Anker Innovations vs. Kweichow Moutai Co | Anker Innovations vs. PetroChina Co Ltd | Anker Innovations vs. Bank of Communications |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |