Correlation Between China Publishing and Anyang Iron
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By analyzing existing cross correlation between China Publishing Media and Anyang Iron Steel, you can compare the effects of market volatilities on China Publishing and Anyang Iron 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 China Publishing with a short position of Anyang Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Anyang Iron.
Diversification Opportunities for China Publishing and Anyang Iron
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Anyang is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Anyang Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anyang Iron Steel and China Publishing 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 China Publishing Media are associated (or correlated) with Anyang Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anyang Iron Steel has no effect on the direction of China Publishing i.e., China Publishing and Anyang Iron go up and down completely randomly.
Pair Corralation between China Publishing and Anyang Iron
Assuming the 90 days trading horizon China Publishing Media is expected to under-perform the Anyang Iron. In addition to that, China Publishing is 1.11 times more volatile than Anyang Iron Steel. It trades about -0.03 of its total potential returns per unit of risk. Anyang Iron Steel is currently generating about -0.01 per unit of volatility. If you would invest 219.00 in Anyang Iron Steel on October 16, 2024 and sell it today you would lose (42.00) from holding Anyang Iron Steel or give up 19.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Publishing Media vs. Anyang Iron Steel
Performance |
| Timeline |
| China Publishing Media |
| Anyang Iron Steel |
China Publishing and Anyang Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Anyang Iron
The main advantage of trading using opposite China Publishing and Anyang Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing position performs unexpectedly, Anyang Iron 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 Anyang Iron will offset losses from the drop in Anyang Iron's long position.| China Publishing vs. Wintao Communications Co | China Publishing vs. Guangxi Wuzhou Communications | China Publishing vs. Everjoy Health Group | China Publishing vs. Heren Health Co |
| Anyang Iron vs. Beijing Enlight Media | Anyang Iron vs. Sichuan Fulin Transportation | Anyang Iron vs. China Sports Industry | Anyang Iron vs. China Publishing Media |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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