Correlation Between Aluminum Corp and Anhui Gujing
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By analyzing existing cross correlation between Aluminum Corp of and Anhui Gujing Distillery, you can compare the effects of market volatilities on Aluminum Corp 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 Aluminum Corp with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aluminum Corp and Anhui Gujing.
Diversification Opportunities for Aluminum Corp and Anhui Gujing
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Aluminum and Anhui is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Aluminum Corp of 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 Aluminum Corp 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 Aluminum Corp of 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 Aluminum Corp i.e., Aluminum Corp and Anhui Gujing go up and down completely randomly.
Pair Corralation between Aluminum Corp and Anhui Gujing
Assuming the 90 days trading horizon Aluminum Corp of is expected to generate 1.11 times more return on investment than Anhui Gujing. However, Aluminum Corp is 1.11 times more volatile than Anhui Gujing Distillery. It trades about 0.26 of its potential returns per unit of risk. Anhui Gujing Distillery is currently generating about -0.01 per unit of risk. If you would invest 718.00 in Aluminum Corp of on November 6, 2024 and sell it today you would earn a total of 58.00 from holding Aluminum Corp of or generate 8.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aluminum Corp of vs. Anhui Gujing Distillery
Performance |
| Timeline |
| Aluminum Corp |
| Anhui Gujing Distillery |
Aluminum Corp and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aluminum Corp and Anhui Gujing
The main advantage of trading using opposite Aluminum Corp and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aluminum Corp 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.| Aluminum Corp vs. Zijin Mining Group | Aluminum Corp vs. Wanhua Chemical Group | Aluminum Corp vs. Baoshan Iron Steel | Aluminum Corp vs. Shandong Gold Mining |
| Anhui Gujing vs. DO Home Collection | Anhui Gujing vs. Fibocom Wireless | Anhui Gujing vs. Zhangjiagang Freetrade Science | Anhui Gujing vs. Bloomage Biotechnology Corp |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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