Correlation Between Cinda Securities and Anhui Gujing
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By analyzing existing cross correlation between Cinda Securities Co and Anhui Gujing Distillery, you can compare the effects of market volatilities on Cinda Securities and Anhui Gujing 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 Cinda Securities with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinda Securities and Anhui Gujing.
Diversification Opportunities for Cinda Securities and Anhui Gujing
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cinda and Anhui is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Cinda Securities Co and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery and Cinda Securities 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 Cinda Securities Co are associated (or correlated) with Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of Cinda Securities i.e., Cinda Securities and Anhui Gujing go up and down completely randomly.
Pair Corralation between Cinda Securities and Anhui Gujing
Assuming the 90 days trading horizon Cinda Securities Co is expected to under-perform the Anhui Gujing. In addition to that, Cinda Securities is 1.1 times more volatile than Anhui Gujing Distillery. It trades about -0.04 of its total potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.02 per unit of volatility. If you would invest 20,780 in Anhui Gujing Distillery on September 14, 2024 and sell it today you would lose (258.00) from holding Anhui Gujing Distillery or give up 1.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cinda Securities Co vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Cinda Securities |
| Anhui Gujing Distillery |
Cinda Securities and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinda Securities and Anhui Gujing
The main advantage of trading using opposite Cinda Securities and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinda Securities position performs unexpectedly, Anhui Gujing 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 Gujing will offset losses from the drop in Anhui Gujing's long position.| Cinda Securities vs. Chison Medical Technologies | Cinda Securities vs. Eastern Air Logistics | Cinda Securities vs. Hangzhou Gisway Information | Cinda Securities vs. Air China Ltd |
| Anhui Gujing vs. China Life Insurance | Anhui Gujing vs. Cinda Securities Co | Anhui Gujing vs. Piotech Inc A | Anhui Gujing vs. Dongxing Sec 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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