Correlation Between Fujian Anjoy and Heilongjiang Transport
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By analyzing existing cross correlation between Fujian Anjoy Foods and Heilongjiang Transport Development, you can compare the effects of market volatilities on Fujian Anjoy and Heilongjiang Transport 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 Heilongjiang Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Heilongjiang Transport.
Diversification Opportunities for Fujian Anjoy and Heilongjiang Transport
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Fujian and Heilongjiang is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Heilongjiang Transport Develop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Transport 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 Heilongjiang Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Transport has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Heilongjiang Transport go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Heilongjiang Transport
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to under-perform the Heilongjiang Transport. In addition to that, Fujian Anjoy is 1.5 times more volatile than Heilongjiang Transport Development. It trades about 0.0 of its total potential returns per unit of risk. Heilongjiang Transport Development is currently generating about 0.18 per unit of volatility. If you would invest 371.00 in Heilongjiang Transport Development on September 4, 2024 and sell it today you would earn a total of 25.00 from holding Heilongjiang Transport Development or generate 6.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Heilongjiang Transport Develop
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Heilongjiang Transport |
Fujian Anjoy and Heilongjiang Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Heilongjiang Transport
The main advantage of trading using opposite Fujian Anjoy and Heilongjiang Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Heilongjiang Transport 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 Heilongjiang Transport will offset losses from the drop in Heilongjiang Transport's long position.| Fujian Anjoy vs. Heilongjiang Transport Development | Fujian Anjoy vs. Andon Health Co | Fujian Anjoy vs. Jiangsu Jinling Sports | Fujian Anjoy vs. Sanbo Hospital Management |
| Heilongjiang Transport vs. Dongfeng Automobile Co | Heilongjiang Transport vs. Anhui Jianghuai Automobile | Heilongjiang Transport vs. HaiXin Foods Co | Heilongjiang Transport vs. Fujian Anjoy Foods |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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