Correlation Between Guangxi Wuzhou and Anshan Senyuan
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By analyzing existing cross correlation between Guangxi Wuzhou Communications and Anshan Senyuan Road, you can compare the effects of market volatilities on Guangxi Wuzhou and Anshan Senyuan 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 Guangxi Wuzhou with a short position of Anshan Senyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangxi Wuzhou and Anshan Senyuan.
Diversification Opportunities for Guangxi Wuzhou and Anshan Senyuan
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Guangxi and Anshan is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Guangxi Wuzhou Communications and Anshan Senyuan Road in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anshan Senyuan Road and Guangxi Wuzhou 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 Guangxi Wuzhou Communications are associated (or correlated) with Anshan Senyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anshan Senyuan Road has no effect on the direction of Guangxi Wuzhou i.e., Guangxi Wuzhou and Anshan Senyuan go up and down completely randomly.
Pair Corralation between Guangxi Wuzhou and Anshan Senyuan
Assuming the 90 days trading horizon Guangxi Wuzhou Communications is expected to generate 1.4 times more return on investment than Anshan Senyuan. However, Guangxi Wuzhou is 1.4 times more volatile than Anshan Senyuan Road. It trades about 0.08 of its potential returns per unit of risk. Anshan Senyuan Road is currently generating about -0.2 per unit of risk. If you would invest 389.00 in Guangxi Wuzhou Communications on October 30, 2024 and sell it today you would earn a total of 45.00 from holding Guangxi Wuzhou Communications or generate 11.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangxi Wuzhou Communications vs. Anshan Senyuan Road
Performance |
| Timeline |
| Guangxi Wuzhou Commu |
| Anshan Senyuan Road |
Guangxi Wuzhou and Anshan Senyuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangxi Wuzhou and Anshan Senyuan
The main advantage of trading using opposite Guangxi Wuzhou and Anshan Senyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangxi Wuzhou position performs unexpectedly, Anshan Senyuan 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 Anshan Senyuan will offset losses from the drop in Anshan Senyuan's long position.| Guangxi Wuzhou vs. Industrial and Commercial | Guangxi Wuzhou vs. China Construction Bank | Guangxi Wuzhou vs. Agricultural Bank of | Guangxi Wuzhou vs. Bank of China |
| Anshan Senyuan vs. Agricultural Bank of | Anshan Senyuan vs. Sportsoul Co Ltd | Anshan Senyuan vs. Panda Financial Holding | Anshan Senyuan vs. Jiangsu Financial Leasing |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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