Correlation Between Ningbo Boway and Anhui Huaheng
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ningbo Boway Alloy and Anhui Huaheng Biotechnology, you can compare the effects of market volatilities on Ningbo Boway and Anhui Huaheng 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 Ningbo Boway with a short position of Anhui Huaheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Boway and Anhui Huaheng.
Diversification Opportunities for Ningbo Boway and Anhui Huaheng
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Anhui is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Boway Alloy and Anhui Huaheng Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huaheng Biotec and Ningbo Boway 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 Ningbo Boway Alloy are associated (or correlated) with Anhui Huaheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huaheng Biotec has no effect on the direction of Ningbo Boway i.e., Ningbo Boway and Anhui Huaheng go up and down completely randomly.
Pair Corralation between Ningbo Boway and Anhui Huaheng
Assuming the 90 days trading horizon Ningbo Boway Alloy is expected to generate 1.78 times more return on investment than Anhui Huaheng. However, Ningbo Boway is 1.78 times more volatile than Anhui Huaheng Biotechnology. It trades about 0.03 of its potential returns per unit of risk. Anhui Huaheng Biotechnology is currently generating about -0.04 per unit of risk. If you would invest 1,661 in Ningbo Boway Alloy on September 28, 2024 and sell it today you would earn a total of 340.00 from holding Ningbo Boway Alloy or generate 20.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.95% |
| Values | Daily Returns |
Ningbo Boway Alloy vs. Anhui Huaheng Biotechnology
Performance |
| Timeline |
| Ningbo Boway Alloy |
| Anhui Huaheng Biotec |
Ningbo Boway and Anhui Huaheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Boway and Anhui Huaheng
The main advantage of trading using opposite Ningbo Boway and Anhui Huaheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Boway position performs unexpectedly, Anhui Huaheng 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 Huaheng will offset losses from the drop in Anhui Huaheng's long position.| Ningbo Boway vs. Shanghai Broadband Technology | Ningbo Boway vs. Anhui Huaheng Biotechnology | Ningbo Boway vs. Sichuan Hebang Biotechnology | Ningbo Boway vs. RoadMain T Co |
| Anhui Huaheng vs. Industrial and Commercial | Anhui Huaheng vs. Agricultural Bank of | Anhui Huaheng vs. China Construction Bank | Anhui Huaheng vs. Bank of China |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |