Correlation Between Changshu Tongrun and Anhui Tongguan
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By analyzing existing cross correlation between Changshu Tongrun Auto and Anhui Tongguan Copper, you can compare the effects of market volatilities on Changshu Tongrun and Anhui Tongguan 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 Changshu Tongrun with a short position of Anhui Tongguan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changshu Tongrun and Anhui Tongguan.
Diversification Opportunities for Changshu Tongrun and Anhui Tongguan
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Changshu and Anhui is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Changshu Tongrun Auto and Anhui Tongguan Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Tongguan Copper and Changshu Tongrun 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 Changshu Tongrun Auto are associated (or correlated) with Anhui Tongguan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Tongguan Copper has no effect on the direction of Changshu Tongrun i.e., Changshu Tongrun and Anhui Tongguan go up and down completely randomly.
Pair Corralation between Changshu Tongrun and Anhui Tongguan
If you would invest (100.00) in Changshu Tongrun Auto on January 25, 2025 and sell it today you would earn a total of 100.00 from holding Changshu Tongrun Auto or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 0.0% |
| Values | Daily Returns |
Changshu Tongrun Auto vs. Anhui Tongguan Copper
Performance |
| Timeline |
| Changshu Tongrun Auto |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Anhui Tongguan Copper |
Changshu Tongrun and Anhui Tongguan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changshu Tongrun and Anhui Tongguan
The main advantage of trading using opposite Changshu Tongrun and Anhui Tongguan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changshu Tongrun position performs unexpectedly, Anhui Tongguan 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 Tongguan will offset losses from the drop in Anhui Tongguan's long position.| Changshu Tongrun vs. Ningbo David Medical | Changshu Tongrun vs. Henan Shuanghui Investment | Changshu Tongrun vs. CareRay Digital Medical | Changshu Tongrun vs. Medprin Regenerative Medical |
| Anhui Tongguan vs. Bengang Steel Plates | Anhui Tongguan vs. Grandblue Environment Co | Anhui Tongguan vs. Tongxing Environmental Protection | Anhui Tongguan vs. Anhui Fuhuang Steel |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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