Correlation Between Anhui Transport and Jinsanjiang Silicon
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By analyzing existing cross correlation between Anhui Transport Consulting and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Anhui Transport and Jinsanjiang Silicon 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 Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Transport and Jinsanjiang Silicon.
Diversification Opportunities for Anhui Transport and Jinsanjiang Silicon
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anhui and Jinsanjiang is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Transport Consulting and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon 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 Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Anhui Transport i.e., Anhui Transport and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Anhui Transport and Jinsanjiang Silicon
Assuming the 90 days trading horizon Anhui Transport Consulting is expected to generate 0.74 times more return on investment than Jinsanjiang Silicon. However, Anhui Transport Consulting is 1.34 times less risky than Jinsanjiang Silicon. It trades about 0.02 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about 0.01 per unit of risk. If you would invest 755.00 in Anhui Transport Consulting on October 11, 2024 and sell it today you would earn a total of 113.00 from holding Anhui Transport Consulting or generate 14.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Transport Consulting vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Anhui Transport Cons |
| Jinsanjiang Silicon |
Anhui Transport and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Transport and Jinsanjiang Silicon
The main advantage of trading using opposite Anhui Transport and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Transport position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Anhui Transport vs. Allwin Telecommunication Co | Anhui Transport vs. Nanjing Putian Telecommunications | Anhui Transport vs. Shandong Polymer Biochemicals | Anhui Transport vs. Jinsanjiang Silicon Material |
| Jinsanjiang Silicon vs. Guocheng Mining Co | Jinsanjiang Silicon vs. Shenyang Blue Silver | Jinsanjiang Silicon vs. Jinhui Mining Co | Jinsanjiang Silicon vs. Anhui Transport Consulting |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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