Correlation Between Anhui Jianghuai and Marssenger Kitchenware
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By analyzing existing cross correlation between Anhui Jianghuai Automobile and Marssenger Kitchenware Co, you can compare the effects of market volatilities on Anhui Jianghuai and Marssenger Kitchenware 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 Marssenger Kitchenware. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Jianghuai and Marssenger Kitchenware.
Diversification Opportunities for Anhui Jianghuai and Marssenger Kitchenware
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anhui and Marssenger is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Jianghuai Automobile and Marssenger Kitchenware Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marssenger Kitchenware 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 Marssenger Kitchenware. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marssenger Kitchenware has no effect on the direction of Anhui Jianghuai i.e., Anhui Jianghuai and Marssenger Kitchenware go up and down completely randomly.
Pair Corralation between Anhui Jianghuai and Marssenger Kitchenware
Assuming the 90 days trading horizon Anhui Jianghuai Automobile is expected to generate 1.01 times more return on investment than Marssenger Kitchenware. However, Anhui Jianghuai is 1.01 times more volatile than Marssenger Kitchenware Co. It trades about 0.07 of its potential returns per unit of risk. Marssenger Kitchenware Co is currently generating about -0.02 per unit of risk. If you would invest 1,505 in Anhui Jianghuai Automobile on November 27, 2024 and sell it today you would earn a total of 2,008 from holding Anhui Jianghuai Automobile or generate 133.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Jianghuai Automobile vs. Marssenger Kitchenware Co
Performance |
| Timeline |
| Anhui Jianghuai Auto |
| Marssenger Kitchenware |
Anhui Jianghuai and Marssenger Kitchenware Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Jianghuai and Marssenger Kitchenware
The main advantage of trading using opposite Anhui Jianghuai and Marssenger Kitchenware positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Jianghuai position performs unexpectedly, Marssenger Kitchenware 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 Marssenger Kitchenware will offset losses from the drop in Marssenger Kitchenware's long position.| Anhui Jianghuai vs. Nanjing Vishee Medical | Anhui Jianghuai vs. Shanghai Jinfeng Wine | Anhui Jianghuai vs. Fujian Oriental Silver | Anhui Jianghuai vs. Chengtun Mining Group |
| Marssenger Kitchenware vs. Everjoy Health Group | Marssenger Kitchenware vs. PKU HealthCare Corp | Marssenger Kitchenware vs. Dezhan HealthCare Co | Marssenger Kitchenware vs. Jointo Energy Investment |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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