Correlation Between Tonghua Grape and Accelink Technologies
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By analyzing existing cross correlation between Tonghua Grape Wine and Accelink Technologies Co, you can compare the effects of market volatilities on Tonghua Grape and Accelink Technologies 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 Tonghua Grape with a short position of Accelink Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tonghua Grape and Accelink Technologies.
Diversification Opportunities for Tonghua Grape and Accelink Technologies
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tonghua and Accelink is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Tonghua Grape Wine and Accelink Technologies Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelink Technologies and Tonghua Grape 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 Tonghua Grape Wine are associated (or correlated) with Accelink Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelink Technologies has no effect on the direction of Tonghua Grape i.e., Tonghua Grape and Accelink Technologies go up and down completely randomly.
Pair Corralation between Tonghua Grape and Accelink Technologies
Assuming the 90 days trading horizon Tonghua Grape is expected to generate 4.16 times less return on investment than Accelink Technologies. But when comparing it to its historical volatility, Tonghua Grape Wine is 1.51 times less risky than Accelink Technologies. It trades about 0.05 of its potential returns per unit of risk. Accelink Technologies Co is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 2,954 in Accelink Technologies Co on November 3, 2024 and sell it today you would earn a total of 1,887 from holding Accelink Technologies Co or generate 63.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tonghua Grape Wine vs. Accelink Technologies Co
Performance |
| Timeline |
| Tonghua Grape Wine |
| Accelink Technologies |
Tonghua Grape and Accelink Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tonghua Grape and Accelink Technologies
The main advantage of trading using opposite Tonghua Grape and Accelink Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tonghua Grape position performs unexpectedly, Accelink Technologies 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 Accelink Technologies will offset losses from the drop in Accelink Technologies' long position.| Tonghua Grape vs. Gan Yuan Foods | Tonghua Grape vs. Jiahe Foods Industry | Tonghua Grape vs. Shanghai Ziyan Foods | Tonghua Grape vs. Chison Medical Technologies |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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