Correlation Between Highbroad Advanced and Anyang Iron
Specify exactly 2 symbols:
By analyzing existing cross correlation between Highbroad Advanced Material and Anyang Iron Steel, you can compare the effects of market volatilities on Highbroad Advanced and Anyang Iron 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 Highbroad Advanced with a short position of Anyang Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Highbroad Advanced and Anyang Iron.
Diversification Opportunities for Highbroad Advanced and Anyang Iron
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Highbroad and Anyang is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Highbroad Advanced Material and Anyang Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anyang Iron Steel and Highbroad Advanced 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 Highbroad Advanced Material are associated (or correlated) with Anyang Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anyang Iron Steel has no effect on the direction of Highbroad Advanced i.e., Highbroad Advanced and Anyang Iron go up and down completely randomly.
Pair Corralation between Highbroad Advanced and Anyang Iron
Assuming the 90 days trading horizon Highbroad Advanced Material is expected to under-perform the Anyang Iron. In addition to that, Highbroad Advanced is 1.53 times more volatile than Anyang Iron Steel. It trades about -0.1 of its total potential returns per unit of risk. Anyang Iron Steel is currently generating about -0.12 per unit of volatility. If you would invest 191.00 in Anyang Iron Steel on October 30, 2024 and sell it today you would lose (9.00) from holding Anyang Iron Steel or give up 4.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Highbroad Advanced Material vs. Anyang Iron Steel
Performance |
| Timeline |
| Highbroad Advanced |
| Anyang Iron Steel |
Highbroad Advanced and Anyang Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Highbroad Advanced and Anyang Iron
The main advantage of trading using opposite Highbroad Advanced and Anyang Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Highbroad Advanced position performs unexpectedly, Anyang Iron 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 Anyang Iron will offset losses from the drop in Anyang Iron's long position.| Highbroad Advanced vs. Chengdu Kanghua Biological | Highbroad Advanced vs. Suzhou Novoprotein Scientific | Highbroad Advanced vs. Aluminum Corp of | Highbroad Advanced vs. COL Digital Publishing |
| Anyang Iron vs. Zijin Mining Group | Anyang Iron vs. Wanhua Chemical Group | Anyang Iron vs. Baoshan Iron Steel | Anyang Iron 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |