Correlation Between Fujian Anjoy and Gem Year
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By analyzing existing cross correlation between Fujian Anjoy Foods and Gem Year Industrial Co, you can compare the effects of market volatilities on Fujian Anjoy and Gem Year 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 Fujian Anjoy with a short position of Gem Year. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Gem Year.
Diversification Opportunities for Fujian Anjoy and Gem Year
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fujian and Gem is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Gem Year Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gem Year Industrial and Fujian Anjoy 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 Fujian Anjoy Foods are associated (or correlated) with Gem Year. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gem Year Industrial has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Gem Year go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Gem Year
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to generate 0.98 times more return on investment than Gem Year. However, Fujian Anjoy Foods is 1.02 times less risky than Gem Year. It trades about -0.24 of its potential returns per unit of risk. Gem Year Industrial Co is currently generating about -0.25 per unit of risk. If you would invest 8,615 in Fujian Anjoy Foods on October 11, 2024 and sell it today you would lose (1,005) from holding Fujian Anjoy Foods or give up 11.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Gem Year Industrial Co
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Gem Year Industrial |
Fujian Anjoy and Gem Year Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Gem Year
The main advantage of trading using opposite Fujian Anjoy and Gem Year positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Gem Year 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 Gem Year will offset losses from the drop in Gem Year's long position.| Fujian Anjoy vs. Western Metal Materials | Fujian Anjoy vs. Wuhan Yangtze Communication | Fujian Anjoy vs. Xinke Material | Fujian Anjoy vs. Jilin Jlu Communication |
| Gem Year vs. Fujian Anjoy Foods | Gem Year vs. Guilin Seamild Foods | Gem Year vs. Shanghai Ziyan Foods | Gem Year vs. Anji Foodstuff 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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