Correlation Between China Asset and Anji Microelectronics
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By analyzing existing cross correlation between China Asset Management and Anji Microelectronics Tech, you can compare the effects of market volatilities on China Asset and Anji Microelectronics 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 China Asset with a short position of Anji Microelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Asset and Anji Microelectronics.
Diversification Opportunities for China Asset and Anji Microelectronics
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and Anji is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding China Asset Management and Anji Microelectronics Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Microelectronics and China Asset 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 China Asset Management are associated (or correlated) with Anji Microelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Microelectronics has no effect on the direction of China Asset i.e., China Asset and Anji Microelectronics go up and down completely randomly.
Pair Corralation between China Asset and Anji Microelectronics
Assuming the 90 days trading horizon China Asset Management is expected to generate 0.59 times more return on investment than Anji Microelectronics. However, China Asset Management is 1.71 times less risky than Anji Microelectronics. It trades about 0.2 of its potential returns per unit of risk. Anji Microelectronics Tech is currently generating about -0.14 per unit of risk. If you would invest 323.00 in China Asset Management on September 14, 2024 and sell it today you would earn a total of 18.00 from holding China Asset Management or generate 5.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Asset Management vs. Anji Microelectronics Tech
Performance |
| Timeline |
| China Asset Management |
| Anji Microelectronics |
China Asset and Anji Microelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Asset and Anji Microelectronics
The main advantage of trading using opposite China Asset and Anji Microelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Asset position performs unexpectedly, Anji Microelectronics 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 Microelectronics will offset losses from the drop in Anji Microelectronics' long position.| China Asset vs. Kweichow Moutai Co | China Asset vs. Agricultural Bank of | China Asset vs. China Mobile Limited | China Asset vs. China Construction Bank |
| Anji Microelectronics vs. Zoje Resources Investment | Anji Microelectronics vs. Kunshan Guoli Electronic | Anji Microelectronics vs. Kunwu Jiuding Investment | Anji Microelectronics vs. China Asset Management |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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