Correlation Between Anhui Jianghuai and Hangzhou Gisway
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By analyzing existing cross correlation between Anhui Jianghuai Automobile and Hangzhou Gisway Information, you can compare the effects of market volatilities on Anhui Jianghuai and Hangzhou Gisway 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 Hangzhou Gisway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Jianghuai and Hangzhou Gisway.
Diversification Opportunities for Anhui Jianghuai and Hangzhou Gisway
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Anhui and Hangzhou is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Jianghuai Automobile and Hangzhou Gisway Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gisway Info 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 Hangzhou Gisway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gisway Info has no effect on the direction of Anhui Jianghuai i.e., Anhui Jianghuai and Hangzhou Gisway go up and down completely randomly.
Pair Corralation between Anhui Jianghuai and Hangzhou Gisway
Assuming the 90 days trading horizon Anhui Jianghuai Automobile is expected to generate 0.94 times more return on investment than Hangzhou Gisway. However, Anhui Jianghuai Automobile is 1.06 times less risky than Hangzhou Gisway. It trades about 0.07 of its potential returns per unit of risk. Hangzhou Gisway Information is currently generating about 0.0 per unit of risk. If you would invest 1,621 in Anhui Jianghuai Automobile on October 19, 2024 and sell it today you would earn a total of 2,216 from holding Anhui Jianghuai Automobile or generate 136.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 86.31% |
| Values | Daily Returns |
Anhui Jianghuai Automobile vs. Hangzhou Gisway Information
Performance |
| Timeline |
| Anhui Jianghuai Auto |
| Hangzhou Gisway Info |
Anhui Jianghuai and Hangzhou Gisway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Jianghuai and Hangzhou Gisway
The main advantage of trading using opposite Anhui Jianghuai and Hangzhou Gisway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Jianghuai position performs unexpectedly, Hangzhou Gisway 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 Hangzhou Gisway will offset losses from the drop in Hangzhou Gisway's long position.| Anhui Jianghuai vs. Threes Company Media | Anhui Jianghuai vs. Guangzhou KingTeller Technology | Anhui Jianghuai vs. Digiwin Software Co | Anhui Jianghuai vs. Olympic Circuit Technology |
| Hangzhou Gisway vs. Gansu Jiu Steel | Hangzhou Gisway vs. Gifore Agricultural Machinery | Hangzhou Gisway vs. GreenTech Environmental Co | Hangzhou Gisway vs. Lutian Machinery Co |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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