Correlation Between Anji Foodstuff and Zhejiang Construction
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anji Foodstuff Co and Zhejiang Construction Investment, you can compare the effects of market volatilities on Anji Foodstuff and Zhejiang Construction 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 Zhejiang Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Zhejiang Construction.
Diversification Opportunities for Anji Foodstuff and Zhejiang Construction
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anji and Zhejiang is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Zhejiang Construction Investme in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Construction 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 Zhejiang Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Construction has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Zhejiang Construction go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Zhejiang Construction
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 0.95 times more return on investment than Zhejiang Construction. However, Anji Foodstuff Co is 1.05 times less risky than Zhejiang Construction. It trades about 0.0 of its potential returns per unit of risk. Zhejiang Construction Investment is currently generating about -0.05 per unit of risk. If you would invest 989.00 in Anji Foodstuff Co on October 18, 2024 and sell it today you would lose (175.00) from holding Anji Foodstuff Co or give up 17.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Zhejiang Construction Investme
Performance |
| Timeline |
| Anji Foodstuff |
| Zhejiang Construction |
Anji Foodstuff and Zhejiang Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Zhejiang Construction
The main advantage of trading using opposite Anji Foodstuff and Zhejiang Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Zhejiang Construction 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 Zhejiang Construction will offset losses from the drop in Zhejiang Construction's long position.| Anji Foodstuff vs. Shandong Hongchuang Aluminum | Anji Foodstuff vs. Hefei Metalforming Mach | Anji Foodstuff vs. HaiXin Foods Co | Anji Foodstuff vs. Western Metal Materials |
| Zhejiang Construction vs. Tangel Publishing | Zhejiang Construction vs. Anji Foodstuff Co | Zhejiang Construction vs. Suzhou Weizhixiang Food | Zhejiang Construction vs. Shandong Publishing Media |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |