Correlation Between Anhui Transport and Jiangsu Phoenix
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By analyzing existing cross correlation between Anhui Transport Consulting and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Anhui Transport and Jiangsu Phoenix 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 Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Transport and Jiangsu Phoenix.
Diversification Opportunities for Anhui Transport and Jiangsu Phoenix
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Anhui and Jiangsu is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Transport Consulting and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ 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 Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Anhui Transport i.e., Anhui Transport and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Anhui Transport and Jiangsu Phoenix
Assuming the 90 days trading horizon Anhui Transport Consulting is expected to under-perform the Jiangsu Phoenix. But the stock apears to be less risky and, when comparing its historical volatility, Anhui Transport Consulting is 1.85 times less risky than Jiangsu Phoenix. The stock trades about -0.23 of its potential returns per unit of risk. The Jiangsu Phoenix Publishing is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 1,146 in Jiangsu Phoenix Publishing on October 30, 2024 and sell it today you would lose (20.00) from holding Jiangsu Phoenix Publishing or give up 1.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Transport Consulting vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Anhui Transport Cons |
| Jiangsu Phoenix Publ |
Anhui Transport and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Transport and Jiangsu Phoenix
The main advantage of trading using opposite Anhui Transport and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Transport position performs unexpectedly, Jiangsu Phoenix 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 Jiangsu Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| Anhui Transport vs. Nanjing OLO Home | Anhui Transport vs. Zoy Home Furnishing | Anhui Transport vs. Fiberhome Telecommunication Technologies | Anhui Transport vs. Jiangsu Yanghe Brewery |
| Jiangsu Phoenix vs. Bus Online Co | Jiangsu Phoenix vs. Holitech Technology Co | Jiangsu Phoenix vs. Gome Telecom Equipment | Jiangsu Phoenix vs. Cultural Investment Holdings |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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