Correlation Between Fujian Anjoy and Suzhou Xingye
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fujian Anjoy Foods and Suzhou Xingye Material, you can compare the effects of market volatilities on Fujian Anjoy and Suzhou Xingye 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 Suzhou Xingye. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Suzhou Xingye.
Diversification Opportunities for Fujian Anjoy and Suzhou Xingye
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fujian and Suzhou is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Suzhou Xingye Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Xingye Material 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 Suzhou Xingye. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Xingye Material has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Suzhou Xingye go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Suzhou Xingye
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to under-perform the Suzhou Xingye. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Anjoy Foods is 1.14 times less risky than Suzhou Xingye. The stock trades about -0.04 of its potential returns per unit of risk. The Suzhou Xingye Material is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,148 in Suzhou Xingye Material on September 5, 2024 and sell it today you would lose (180.00) from holding Suzhou Xingye Material or give up 15.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Suzhou Xingye Material
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Suzhou Xingye Material |
Fujian Anjoy and Suzhou Xingye Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Suzhou Xingye
The main advantage of trading using opposite Fujian Anjoy and Suzhou Xingye positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Suzhou Xingye 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 Suzhou Xingye will offset losses from the drop in Suzhou Xingye's long position.| Fujian Anjoy vs. Suzhou Xingye Material | Fujian Anjoy vs. Jiangxi Naipu Mining | Fujian Anjoy vs. Pengxin International Mining | Fujian Anjoy vs. Sinosteel Luonai Materials |
| Suzhou Xingye vs. Zijin Mining Group | Suzhou Xingye vs. Wanhua Chemical Group | Suzhou Xingye vs. Baoshan Iron Steel | Suzhou Xingye vs. Rongsheng Petrochemical 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |