Correlation Between Anhui Transport and Double Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Transport Consulting and Double Medical Technology, you can compare the effects of market volatilities on Anhui Transport and Double Medical 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 Anhui Transport with a short position of Double Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Transport and Double Medical.
Diversification Opportunities for Anhui Transport and Double Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anhui and Double is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Transport Consulting and Double Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Double Medical Technology and Anhui Transport 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 Anhui Transport Consulting are associated (or correlated) with Double Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Double Medical Technology has no effect on the direction of Anhui Transport i.e., Anhui Transport and Double Medical go up and down completely randomly.
Pair Corralation between Anhui Transport and Double Medical
Assuming the 90 days trading horizon Anhui Transport Consulting is expected to generate 1.36 times more return on investment than Double Medical. However, Anhui Transport is 1.36 times more volatile than Double Medical Technology. It trades about 0.04 of its potential returns per unit of risk. Double Medical Technology is currently generating about -0.13 per unit of risk. If you would invest 948.00 in Anhui Transport Consulting on August 28, 2024 and sell it today you would earn a total of 12.00 from holding Anhui Transport Consulting or generate 1.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Transport Consulting vs. Double Medical Technology
Performance |
| Timeline |
| Anhui Transport Cons |
| Double Medical Technology |
Anhui Transport and Double Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Transport and Double Medical
The main advantage of trading using opposite Anhui Transport and Double Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Transport position performs unexpectedly, Double Medical 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 Double Medical will offset losses from the drop in Double Medical's long position.| Anhui Transport vs. Agricultural Bank of | Anhui Transport vs. Industrial and Commercial | Anhui Transport vs. Bank of China | Anhui Transport vs. China Construction Bank |
| Double Medical vs. Dazhong Transportation Group | Double Medical vs. Lander Sports Development | Double Medical vs. Kingsignal Technology Co | Double Medical vs. Jiugui Liquor 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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |