Correlation Between Anhui Xinhua and Sharetronic Data
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By analyzing existing cross correlation between Anhui Xinhua Media and Sharetronic Data Technology, you can compare the effects of market volatilities on Anhui Xinhua and Sharetronic Data 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 Anhui Xinhua with a short position of Sharetronic Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Xinhua and Sharetronic Data.
Diversification Opportunities for Anhui Xinhua and Sharetronic Data
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Anhui and Sharetronic is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Xinhua Media and Sharetronic Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharetronic Data Tec and Anhui Xinhua 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 Anhui Xinhua Media are associated (or correlated) with Sharetronic Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharetronic Data Tec has no effect on the direction of Anhui Xinhua i.e., Anhui Xinhua and Sharetronic Data go up and down completely randomly.
Pair Corralation between Anhui Xinhua and Sharetronic Data
Assuming the 90 days trading horizon Anhui Xinhua is expected to generate 8.26 times less return on investment than Sharetronic Data. But when comparing it to its historical volatility, Anhui Xinhua Media is 1.78 times less risky than Sharetronic Data. It trades about 0.05 of its potential returns per unit of risk. Sharetronic Data Technology is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 4,521 in Sharetronic Data Technology on October 18, 2024 and sell it today you would earn a total of 5,778 from holding Sharetronic Data Technology or generate 127.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Xinhua Media vs. Sharetronic Data Technology
Performance |
| Timeline |
| Anhui Xinhua Media |
| Sharetronic Data Tec |
Anhui Xinhua and Sharetronic Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Xinhua and Sharetronic Data
The main advantage of trading using opposite Anhui Xinhua and Sharetronic Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Xinhua position performs unexpectedly, Sharetronic Data 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 Sharetronic Data will offset losses from the drop in Sharetronic Data's long position.| Anhui Xinhua vs. Quectel Wireless Solutions | Anhui Xinhua vs. Fiberhome Telecommunication Technologies | Anhui Xinhua vs. CareRay Digital Medical | Anhui Xinhua vs. Eyebright Medical Technology |
| Sharetronic Data vs. Duzhe Publishing Media | Sharetronic Data vs. Anhui Xinhua Media | Sharetronic Data vs. Heilongjiang Transport Development | Sharetronic Data vs. Hengdian Entertainment 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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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