Correlation Between Changjiang Publishing and Anhui Transport
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By analyzing existing cross correlation between Changjiang Publishing Media and Anhui Transport Consulting, you can compare the effects of market volatilities on Changjiang Publishing and Anhui Transport 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 Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Publishing and Anhui Transport.
Diversification Opportunities for Changjiang Publishing and Anhui Transport
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Changjiang and Anhui is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Publishing Media and Anhui Transport Consulting in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Transport Cons 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 Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Transport Cons has no effect on the direction of Changjiang Publishing i.e., Changjiang Publishing and Anhui Transport go up and down completely randomly.
Pair Corralation between Changjiang Publishing and Anhui Transport
Assuming the 90 days trading horizon Changjiang Publishing Media is expected to under-perform the Anhui Transport. In addition to that, Changjiang Publishing is 1.58 times more volatile than Anhui Transport Consulting. It trades about -0.12 of its total potential returns per unit of risk. Anhui Transport Consulting is currently generating about -0.08 per unit of volatility. If you would invest 886.00 in Anhui Transport Consulting on November 3, 2024 and sell it today you would lose (15.00) from holding Anhui Transport Consulting or give up 1.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Publishing Media vs. Anhui Transport Consulting
Performance |
| Timeline |
| Changjiang Publishing |
| Anhui Transport Cons |
Changjiang Publishing and Anhui Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Publishing and Anhui Transport
The main advantage of trading using opposite Changjiang Publishing and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Publishing position performs unexpectedly, Anhui Transport 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 Transport will offset losses from the drop in Anhui Transport's long position.| Changjiang Publishing vs. Yan Tai Shuang | Changjiang Publishing vs. Jiamei Food Packaging | Changjiang Publishing vs. JuneYao Dairy Co | Changjiang Publishing vs. Youyou Foods Co |
| Anhui Transport vs. Jinhe Biotechnology Co | Anhui Transport vs. Sunny Loan Top | Anhui Transport vs. Jiangsu Financial Leasing | Anhui Transport vs. Changchun BCHT Biotechnology |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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