Correlation Between Anyang Iron and China Sports
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By analyzing existing cross correlation between Anyang Iron Steel and China Sports Industry, you can compare the effects of market volatilities on Anyang Iron and China Sports 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 Anyang Iron with a short position of China Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anyang Iron and China Sports.
Diversification Opportunities for Anyang Iron and China Sports
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anyang and China is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Anyang Iron Steel and China Sports Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Sports Industry and Anyang Iron 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 Anyang Iron Steel are associated (or correlated) with China Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Sports Industry has no effect on the direction of Anyang Iron i.e., Anyang Iron and China Sports go up and down completely randomly.
Pair Corralation between Anyang Iron and China Sports
Assuming the 90 days trading horizon Anyang Iron Steel is expected to generate 1.27 times more return on investment than China Sports. However, Anyang Iron is 1.27 times more volatile than China Sports Industry. It trades about 0.03 of its potential returns per unit of risk. China Sports Industry is currently generating about -0.01 per unit of risk. If you would invest 176.00 in Anyang Iron Steel on September 3, 2024 and sell it today you would earn a total of 10.00 from holding Anyang Iron Steel or generate 5.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anyang Iron Steel vs. China Sports Industry
Performance |
| Timeline |
| Anyang Iron Steel |
| China Sports Industry |
Anyang Iron and China Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anyang Iron and China Sports
The main advantage of trading using opposite Anyang Iron and China Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anyang Iron position performs unexpectedly, China Sports 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 China Sports will offset losses from the drop in China Sports' long position.| Anyang Iron vs. ChengDu Hi Tech Development | Anyang Iron vs. Chahua Modern Housewares | Anyang Iron vs. Jiangxi Hengda Hi Tech | Anyang Iron vs. Jonjee Hi tech Industrial |
| China Sports vs. Industrial and Commercial | China Sports vs. China Construction Bank | China Sports vs. Bank of China | China Sports vs. Agricultural Bank 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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