Correlation Between Nuode Investment and Anji Foodstuff
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By analyzing existing cross correlation between Nuode Investment Co and Anji Foodstuff Co, you can compare the effects of market volatilities on Nuode Investment 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 Nuode Investment with a short position of Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuode Investment and Anji Foodstuff.
Diversification Opportunities for Nuode Investment and Anji Foodstuff
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nuode and Anji is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Nuode Investment 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 Nuode Investment 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 Nuode Investment 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 Nuode Investment i.e., Nuode Investment and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Nuode Investment and Anji Foodstuff
Assuming the 90 days trading horizon Nuode Investment Co is expected to under-perform the Anji Foodstuff. But the stock apears to be less risky and, when comparing its historical volatility, Nuode Investment Co is 1.44 times less risky than Anji Foodstuff. The stock trades about -0.21 of its potential returns per unit of risk. The Anji Foodstuff Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 840.00 in Anji Foodstuff Co on October 24, 2024 and sell it today you would lose (4.00) from holding Anji Foodstuff Co or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nuode Investment Co vs. Anji Foodstuff Co
Performance |
| Timeline |
| Nuode Investment |
| Anji Foodstuff |
Nuode Investment and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuode Investment and Anji Foodstuff
The main advantage of trading using opposite Nuode Investment and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuode Investment 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.| Nuode Investment vs. Cultural Investment Holdings | Nuode Investment vs. Luyin Investment Group | Nuode Investment vs. Kunwu Jiuding Investment | Nuode Investment vs. Chengdu Spaceon Electronics |
| Anji Foodstuff vs. Sihui Fuji Electronics | Anji Foodstuff vs. Newcapec Electronics Co | Anji Foodstuff vs. Jinling Hotel Corp | Anji Foodstuff vs. Peoples Insurance of |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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