Correlation Between Anji Foodstuff and Haima Automobile
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By analyzing existing cross correlation between Anji Foodstuff Co and Haima Automobile Group, you can compare the effects of market volatilities on Anji Foodstuff and Haima Automobile 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 Anji Foodstuff with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Haima Automobile.
Diversification Opportunities for Anji Foodstuff and Haima Automobile
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anji and Haima is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Anji Foodstuff 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 Anji Foodstuff Co are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Haima Automobile go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Haima Automobile
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to under-perform the Haima Automobile. But the stock apears to be less risky and, when comparing its historical volatility, Anji Foodstuff Co is 1.31 times less risky than Haima Automobile. The stock trades about 0.0 of its potential returns per unit of risk. The Haima Automobile Group is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 526.00 in Haima Automobile Group on August 29, 2024 and sell it today you would lose (87.00) from holding Haima Automobile Group or give up 16.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Haima Automobile Group
Performance |
| Timeline |
| Anji Foodstuff |
| Haima Automobile |
Anji Foodstuff and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Haima Automobile
The main advantage of trading using opposite Anji Foodstuff and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Anji Foodstuff vs. PetroChina Co Ltd | Anji Foodstuff vs. China Mobile Limited | Anji Foodstuff vs. Ping An Insurance | Anji Foodstuff vs. China Petroleum Chemical |
| Haima Automobile vs. Xinjiang Tianrun Dairy | Haima Automobile vs. Yonyou Auto Information | Haima Automobile vs. Northking Information Technology | Haima Automobile vs. Anji Foodstuff 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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