Correlation Between Anhui Jianghuai and Shanghai Yaoji
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Jianghuai Automobile and Shanghai Yaoji Playing, you can compare the effects of market volatilities on Anhui Jianghuai and Shanghai Yaoji 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 Anhui Jianghuai with a short position of Shanghai Yaoji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Jianghuai and Shanghai Yaoji.
Diversification Opportunities for Anhui Jianghuai and Shanghai Yaoji
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anhui and Shanghai is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Jianghuai Automobile and Shanghai Yaoji Playing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yaoji Playing and Anhui Jianghuai 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 Anhui Jianghuai Automobile are associated (or correlated) with Shanghai Yaoji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yaoji Playing has no effect on the direction of Anhui Jianghuai i.e., Anhui Jianghuai and Shanghai Yaoji go up and down completely randomly.
Pair Corralation between Anhui Jianghuai and Shanghai Yaoji
Assuming the 90 days trading horizon Anhui Jianghuai Automobile is expected to generate 0.97 times more return on investment than Shanghai Yaoji. However, Anhui Jianghuai Automobile is 1.03 times less risky than Shanghai Yaoji. It trades about 0.06 of its potential returns per unit of risk. Shanghai Yaoji Playing is currently generating about 0.05 per unit of risk. If you would invest 1,621 in Anhui Jianghuai Automobile on October 13, 2024 and sell it today you would earn a total of 1,904 from holding Anhui Jianghuai Automobile or generate 117.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Jianghuai Automobile vs. Shanghai Yaoji Playing
Performance |
| Timeline |
| Anhui Jianghuai Auto |
| Shanghai Yaoji Playing |
Anhui Jianghuai and Shanghai Yaoji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Jianghuai and Shanghai Yaoji
The main advantage of trading using opposite Anhui Jianghuai and Shanghai Yaoji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Jianghuai position performs unexpectedly, Shanghai Yaoji 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 Shanghai Yaoji will offset losses from the drop in Shanghai Yaoji's long position.| Anhui Jianghuai vs. Huayi Brothers Media | Anhui Jianghuai vs. China Reform Health | Anhui Jianghuai vs. Chengdu B ray Media | Anhui Jianghuai vs. Hengdian Entertainment Co |
| Shanghai Yaoji vs. Anhui Jianghuai Automobile | Shanghai Yaoji vs. Hainan Airlines Co | Shanghai Yaoji vs. Xiandai Investment Co | Shanghai Yaoji vs. Xiangyang Automobile Bearing |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Global Correlations Find global opportunities by holding instruments from different markets |