Correlation Between Rising Nonferrous and Anhui Shiny
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By analyzing existing cross correlation between Rising Nonferrous Metals and Anhui Shiny Electronic, you can compare the effects of market volatilities on Rising Nonferrous and Anhui Shiny 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 Rising Nonferrous with a short position of Anhui Shiny. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rising Nonferrous and Anhui Shiny.
Diversification Opportunities for Rising Nonferrous and Anhui Shiny
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Rising and Anhui is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Rising Nonferrous Metals and Anhui Shiny Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Shiny Electronic and Rising Nonferrous 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 Rising Nonferrous Metals are associated (or correlated) with Anhui Shiny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Shiny Electronic has no effect on the direction of Rising Nonferrous i.e., Rising Nonferrous and Anhui Shiny go up and down completely randomly.
Pair Corralation between Rising Nonferrous and Anhui Shiny
Assuming the 90 days trading horizon Rising Nonferrous Metals is expected to under-perform the Anhui Shiny. But the stock apears to be less risky and, when comparing its historical volatility, Rising Nonferrous Metals is 1.55 times less risky than Anhui Shiny. The stock trades about -0.02 of its potential returns per unit of risk. The Anhui Shiny Electronic is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,900 in Anhui Shiny Electronic on October 11, 2024 and sell it today you would earn a total of 218.00 from holding Anhui Shiny Electronic or generate 11.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rising Nonferrous Metals vs. Anhui Shiny Electronic
Performance |
| Timeline |
| Rising Nonferrous Metals |
| Anhui Shiny Electronic |
Rising Nonferrous and Anhui Shiny Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rising Nonferrous and Anhui Shiny
The main advantage of trading using opposite Rising Nonferrous and Anhui Shiny positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rising Nonferrous position performs unexpectedly, Anhui Shiny 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 Anhui Shiny will offset losses from the drop in Anhui Shiny's long position.| Rising Nonferrous vs. Zhejiang Kingland Pipeline | Rising Nonferrous vs. China Asset Management | Rising Nonferrous vs. Chengtun Mining Group | Rising Nonferrous vs. Zhongrun Resources Investment |
| Anhui Shiny vs. Omnijoi Media Corp | Anhui Shiny vs. Rising Nonferrous Metals | Anhui Shiny vs. Western Metal Materials | Anhui Shiny vs. Heilongjiang Publishing Media |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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