Correlation Between Fujian Anjoy and Threes Company
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By analyzing existing cross correlation between Fujian Anjoy Foods and Threes Company Media, you can compare the effects of market volatilities on Fujian Anjoy and Threes Company 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 Threes Company. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Threes Company.
Diversification Opportunities for Fujian Anjoy and Threes Company
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Fujian and Threes is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Threes Company Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Threes Company 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 Threes Company. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Threes Company has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Threes Company go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Threes Company
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to generate 0.37 times more return on investment than Threes Company. However, Fujian Anjoy Foods is 2.68 times less risky than Threes Company. It trades about -0.25 of its potential returns per unit of risk. Threes Company Media is currently generating about -0.22 per unit of risk. If you would invest 8,185 in Fujian Anjoy Foods on October 28, 2024 and sell it today you would lose (609.00) from holding Fujian Anjoy Foods or give up 7.44% 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. Threes Company Media
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Threes Company |
Fujian Anjoy and Threes Company Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Threes Company
The main advantage of trading using opposite Fujian Anjoy and Threes Company positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Threes Company 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 Threes Company will offset losses from the drop in Threes Company'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 |
| Threes Company vs. Tongding Interconnection Information | Threes Company vs. Rising Nonferrous Metals | Threes Company vs. Tianshan Aluminum Group | Threes Company vs. Sino Platinum Metals 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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