Correlation Between Fujian Anjoy and Anji Foodstuff
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By analyzing existing cross correlation between Fujian Anjoy Foods and Anji Foodstuff Co, you can compare the effects of market volatilities on Fujian Anjoy and Anji Foodstuff 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 Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Anji Foodstuff.
Diversification Opportunities for Fujian Anjoy and Anji Foodstuff
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Fujian and Anji is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff 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 Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Anji Foodstuff
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to under-perform the Anji Foodstuff. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Anjoy Foods is 1.9 times less risky than Anji Foodstuff. The stock trades about -0.25 of its potential returns per unit of risk. The Anji Foodstuff Co is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest 868.00 in Anji Foodstuff Co on October 28, 2024 and sell it today you would lose (55.00) from holding Anji Foodstuff Co or give up 6.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Anji Foodstuff Co
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Anji Foodstuff |
Fujian Anjoy and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Anji Foodstuff
The main advantage of trading using opposite Fujian Anjoy and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff's long position.| Fujian Anjoy vs. Kweichow Moutai Co | Fujian Anjoy vs. Contemporary Amperex Technology | Fujian Anjoy vs. G bits Network Technology | Fujian Anjoy vs. Beijing Roborock Technology |
| Anji Foodstuff vs. Kweichow Moutai Co | Anji Foodstuff vs. Contemporary Amperex Technology | Anji Foodstuff vs. G bits Network Technology | Anji Foodstuff vs. Beijing Roborock Technology |
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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