Correlation Between Ye Chiu and Anhui Gujing
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By analyzing existing cross correlation between Ye Chiu Metal and Anhui Gujing Distillery, you can compare the effects of market volatilities on Ye Chiu 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 Ye Chiu with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Anhui Gujing.
Diversification Opportunities for Ye Chiu and Anhui Gujing
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 601388 and Anhui is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal 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 Ye Chiu 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 Ye Chiu Metal 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 Ye Chiu i.e., Ye Chiu and Anhui Gujing go up and down completely randomly.
Pair Corralation between Ye Chiu and Anhui Gujing
Assuming the 90 days trading horizon Ye Chiu Metal is expected to generate 1.3 times more return on investment than Anhui Gujing. However, Ye Chiu is 1.3 times more volatile than Anhui Gujing Distillery. It trades about 0.01 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.26 per unit of risk. If you would invest 284.00 in Ye Chiu Metal on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Ye Chiu Metal or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ye Chiu Metal vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Ye Chiu Metal |
| Anhui Gujing Distillery |
Ye Chiu and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and Anhui Gujing
The main advantage of trading using opposite Ye Chiu and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu 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.| Ye Chiu vs. Zijin Mining Group | Ye Chiu vs. Wanhua Chemical Group | Ye Chiu vs. Baoshan Iron Steel | Ye Chiu vs. Rongsheng Petrochemical Co |
| Anhui Gujing vs. Chengtun Mining Group | Anhui Gujing vs. Ye Chiu Metal | Anhui Gujing vs. Shenzhen Noposion Agrochemicals | Anhui Gujing vs. Shandong Mining Machinery |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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