Correlation Between Anji Foodstuff and Zoje Resources
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By analyzing existing cross correlation between Anji Foodstuff Co and Zoje Resources Investment, you can compare the effects of market volatilities on Anji Foodstuff and Zoje Resources 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 Zoje Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Zoje Resources.
Diversification Opportunities for Anji Foodstuff and Zoje Resources
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anji and Zoje is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Zoje Resources Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zoje Resources Investment 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 Zoje Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zoje Resources Investment has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Zoje Resources go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Zoje Resources
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 0.52 times more return on investment than Zoje Resources. However, Anji Foodstuff Co is 1.91 times less risky than Zoje Resources. It trades about 0.23 of its potential returns per unit of risk. Zoje Resources Investment is currently generating about 0.01 per unit of risk. If you would invest 780.00 in Anji Foodstuff Co on September 1, 2024 and sell it today you would earn a total of 88.00 from holding Anji Foodstuff Co or generate 11.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Zoje Resources Investment
Performance |
| Timeline |
| Anji Foodstuff |
| Zoje Resources Investment |
Anji Foodstuff and Zoje Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Zoje Resources
The main advantage of trading using opposite Anji Foodstuff and Zoje Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Zoje Resources 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 Zoje Resources will offset losses from the drop in Zoje Resources' long position.| Anji Foodstuff vs. Sunwave Communications Co | Anji Foodstuff vs. Shuhua Sports Co | Anji Foodstuff vs. CICT Mobile Communication | Anji Foodstuff vs. Shenzhen Kexin Communication |
| Zoje Resources vs. New China Life | Zoje Resources vs. Ming Yang Smart | Zoje Resources vs. 159681 | Zoje Resources vs. 159005 |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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