Correlation Between Anhui Jianghuai and Qi An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Jianghuai Automobile and Qi An Xin, you can compare the effects of market volatilities on Anhui Jianghuai and Qi An 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 Qi An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Jianghuai and Qi An.
Diversification Opportunities for Anhui Jianghuai and Qi An
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anhui and 688561 is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Jianghuai Automobile and Qi An Xin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qi An Xin 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 Qi An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qi An Xin has no effect on the direction of Anhui Jianghuai i.e., Anhui Jianghuai and Qi An go up and down completely randomly.
Pair Corralation between Anhui Jianghuai and Qi An
Assuming the 90 days trading horizon Anhui Jianghuai Automobile is expected to under-perform the Qi An. In addition to that, Anhui Jianghuai is 1.32 times more volatile than Qi An Xin. It trades about -0.1 of its total potential returns per unit of risk. Qi An Xin is currently generating about 0.02 per unit of volatility. If you would invest 3,054 in Qi An Xin on September 3, 2024 and sell it today you would earn a total of 4.00 from holding Qi An Xin or generate 0.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Jianghuai Automobile vs. Qi An Xin
Performance |
| Timeline |
| Anhui Jianghuai Auto |
| Qi An Xin |
Anhui Jianghuai and Qi An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Jianghuai and Qi An
The main advantage of trading using opposite Anhui Jianghuai and Qi An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Jianghuai position performs unexpectedly, Qi An 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 Qi An will offset losses from the drop in Qi An's long position.| Anhui Jianghuai vs. PetroChina Co Ltd | Anhui Jianghuai vs. China Mobile Limited | Anhui Jianghuai vs. Industrial and Commercial | Anhui Jianghuai vs. China Life Insurance |
| Qi An vs. Haima Automobile Group | Qi An vs. Dongfeng Automobile Co | Qi An vs. Anhui Jianghuai Automobile | Qi An vs. Peoples Insurance of |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |