Correlation Between Rising Nonferrous and Anji Foodstuff
Specify exactly 2 symbols:
By analyzing existing cross correlation between Rising Nonferrous Metals and Anji Foodstuff Co, you can compare the effects of market volatilities on Rising Nonferrous 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 Rising Nonferrous with a short position of Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rising Nonferrous and Anji Foodstuff.
Diversification Opportunities for Rising Nonferrous and Anji Foodstuff
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Rising and Anji is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Rising Nonferrous Metals and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff 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 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 Rising Nonferrous i.e., Rising Nonferrous and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Rising Nonferrous and Anji Foodstuff
Assuming the 90 days trading horizon Rising Nonferrous Metals is expected to under-perform the Anji Foodstuff. But the stock apears to be less risky and, when comparing its historical volatility, Rising Nonferrous Metals is 1.86 times less risky than Anji Foodstuff. The stock trades about -0.09 of its potential returns per unit of risk. The Anji Foodstuff Co is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 870.00 in Anji Foodstuff Co on November 3, 2024 and sell it today you would lose (62.00) from holding Anji Foodstuff Co or give up 7.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Rising Nonferrous Metals vs. Anji Foodstuff Co
Performance |
| Timeline |
| Rising Nonferrous Metals |
| Anji Foodstuff |
Rising Nonferrous and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rising Nonferrous and Anji Foodstuff
The main advantage of trading using opposite Rising Nonferrous and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rising Nonferrous 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.| Rising Nonferrous vs. Zijin Mining Group | Rising Nonferrous vs. Wanhua Chemical Group | Rising Nonferrous vs. Baoshan Iron Steel | Rising Nonferrous vs. Shandong Gold Mining |
| Anji Foodstuff vs. Anhui Huaheng Biotechnology | Anji Foodstuff vs. Double Medical Technology | Anji Foodstuff vs. Shanghai Rightongene Biotechnology | Anji Foodstuff vs. Zhonghong Pulin Medical |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |