Correlation Between Techshine Electronics and Anji Foodstuff
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By analyzing existing cross correlation between Techshine Electronics Co and Anji Foodstuff Co, you can compare the effects of market volatilities on Techshine Electronics and Anji Foodstuff 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 Techshine Electronics with a short position of Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techshine Electronics and Anji Foodstuff.
Diversification Opportunities for Techshine Electronics and Anji Foodstuff
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Techshine and Anji is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Techshine Electronics Co and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff and Techshine Electronics 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 Techshine Electronics Co are associated (or correlated) with Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of Techshine Electronics i.e., Techshine Electronics and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Techshine Electronics and Anji Foodstuff
Assuming the 90 days trading horizon Techshine Electronics Co is expected to generate 1.27 times more return on investment than Anji Foodstuff. However, Techshine Electronics is 1.27 times more volatile than Anji Foodstuff Co. It trades about 0.26 of its potential returns per unit of risk. Anji Foodstuff Co is currently generating about 0.1 per unit of risk. If you would invest 1,870 in Techshine Electronics Co on November 4, 2024 and sell it today you would earn a total of 229.00 from holding Techshine Electronics Co or generate 12.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Techshine Electronics Co vs. Anji Foodstuff Co
Performance |
| Timeline |
| Techshine Electronics |
| Anji Foodstuff |
Techshine Electronics and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techshine Electronics and Anji Foodstuff
The main advantage of trading using opposite Techshine Electronics and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techshine Electronics position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff's long position.| Techshine Electronics vs. Beijing Kingsoft Office | Techshine Electronics vs. Ye Chiu Metal | Techshine Electronics vs. Tongling Nonferrous Metals | Techshine Electronics vs. ZYF Lopsking Aluminum |
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.
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