Correlation Between Anhui Tongguan and Jiangsu Broadcasting
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Tongguan Copper and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Anhui Tongguan and Jiangsu Broadcasting 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 Tongguan with a short position of Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Tongguan and Jiangsu Broadcasting.
Diversification Opportunities for Anhui Tongguan and Jiangsu Broadcasting
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anhui and Jiangsu is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Tongguan Copper and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting and Anhui Tongguan 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 Tongguan Copper are associated (or correlated) with Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Anhui Tongguan i.e., Anhui Tongguan and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Anhui Tongguan and Jiangsu Broadcasting
Assuming the 90 days trading horizon Anhui Tongguan Copper is expected to generate 1.27 times more return on investment than Jiangsu Broadcasting. However, Anhui Tongguan is 1.27 times more volatile than Jiangsu Broadcasting Cable. It trades about -0.03 of its potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about -0.1 per unit of risk. If you would invest 1,108 in Anhui Tongguan Copper on October 30, 2024 and sell it today you would lose (62.00) from holding Anhui Tongguan Copper or give up 5.6% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Anhui Tongguan Copper vs. Jiangsu Broadcasting Cable
Performance |
Timeline |
Anhui Tongguan Copper |
Jiangsu Broadcasting |
Anhui Tongguan and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anhui Tongguan and Jiangsu Broadcasting
The main advantage of trading using opposite Anhui Tongguan and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Tongguan position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.Anhui Tongguan vs. China Building Material | Anhui Tongguan vs. Hunan TV Broadcast | Anhui Tongguan vs. Sunny Loan Top | Anhui Tongguan vs. Zhengping RoadBridge Constr |
Jiangsu Broadcasting vs. Easyhome New Retail | Jiangsu Broadcasting vs. Shenzhen Urban Transport | Jiangsu Broadcasting vs. Hangzhou Pinming Software | Jiangsu Broadcasting vs. Zhangjiagang Freetrade Science |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Transaction History View history of all your transactions and understand their impact on performance | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Money Managers Screen money managers from public funds and ETFs managed around the world | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |