Correlation Between Jinling Hotel and Anji Foodstuff
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By analyzing existing cross correlation between Jinling Hotel Corp and Anji Foodstuff Co, you can compare the effects of market volatilities on Jinling Hotel and Anji Foodstuff 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 Jinling Hotel with a short position of Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinling Hotel and Anji Foodstuff.
Diversification Opportunities for Jinling Hotel and Anji Foodstuff
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinling and Anji is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Jinling Hotel Corp and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff and Jinling Hotel 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 Jinling Hotel Corp are associated (or correlated) with Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of Jinling Hotel i.e., Jinling Hotel and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Jinling Hotel and Anji Foodstuff
Assuming the 90 days trading horizon Jinling Hotel Corp is expected to under-perform the Anji Foodstuff. But the stock apears to be less risky and, when comparing its historical volatility, Jinling Hotel Corp is 1.12 times less risky than Anji Foodstuff. The stock trades about -0.03 of its potential returns per unit of risk. The Anji Foodstuff Co is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 989.00 in Anji Foodstuff Co on October 16, 2024 and sell it today you would lose (219.00) from holding Anji Foodstuff Co or give up 22.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinling Hotel Corp vs. Anji Foodstuff Co
Performance |
| Timeline |
| Jinling Hotel Corp |
| Anji Foodstuff |
Jinling Hotel and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinling Hotel and Anji Foodstuff
The main advantage of trading using opposite Jinling Hotel and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinling Hotel position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff's long position.| Jinling Hotel vs. Dongguan Tarry Electronics | Jinling Hotel vs. Aurora Optoelectronics Co | Jinling Hotel vs. TongFu Microelectronics Co | Jinling Hotel vs. Jiangyin Jianghua Microelectronics |
| Anji Foodstuff vs. Cultural Investment Holdings | Anji Foodstuff vs. Vanfund Urban Investment | Anji Foodstuff vs. Luyin Investment Group | Anji Foodstuff vs. Henan Shuanghui Investment |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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