Correlation Between Changjiang Publishing and Anhui Tongguan
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By analyzing existing cross correlation between Changjiang Publishing Media and Anhui Tongguan Copper, you can compare the effects of market volatilities on Changjiang Publishing and Anhui Tongguan 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 Changjiang Publishing with a short position of Anhui Tongguan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Anhui Tongguan.
Diversification Opportunities for Changjiang Publishing and Anhui Tongguan
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Changjiang and Anhui is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Anhui Tongguan Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Tongguan Copper and Changjiang Publishing 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 Changjiang Publishing Media are associated (or correlated) with Anhui Tongguan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Tongguan Copper has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Anhui Tongguan go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Anhui Tongguan
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to under-perform the Anhui Tongguan. But the stock apears to be less risky and, when comparing its historical volatility, Changjiang Publishing Media is 1.95 times less risky than Anhui Tongguan. The stock trades about -0.08 of its potential returns per unit of risk. The Anhui Tongguan Copper is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,055 in Anhui Tongguan Copper on October 23, 2024 and sell it today you would earn a total of 64.00 from holding Anhui Tongguan Copper or generate 6.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Anhui Tongguan Copper
Performance |
| Timeline |
| Changjiang Publishing |
| Anhui Tongguan Copper |
Changjiang Publishing and Anhui Tongguan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Anhui Tongguan
The main advantage of trading using opposite Changjiang Publishing and Anhui Tongguan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Anhui Tongguan 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 Anhui Tongguan will offset losses from the drop in Anhui Tongguan's long position.| Changjiang Publishing vs. Linewell Software Co | Changjiang Publishing vs. Inspur Software Co | Changjiang Publishing vs. Guangzhou Jinyi Media | Changjiang Publishing vs. Jiangsu Hoperun Software |
| Anhui Tongguan vs. Guilin Seamild Foods | Anhui Tongguan vs. Shanghai Material Trading | Anhui Tongguan vs. Ligao Foods CoLtd | Anhui Tongguan vs. HaiXin Foods 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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