Correlation Between Anji Foodstuff and Guangdong Xiongsu
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By analyzing existing cross correlation between Anji Foodstuff Co and Guangdong Xiongsu Technology, you can compare the effects of market volatilities on Anji Foodstuff and Guangdong Xiongsu 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 Guangdong Xiongsu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Guangdong Xiongsu.
Diversification Opportunities for Anji Foodstuff and Guangdong Xiongsu
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Anji and Guangdong is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Guangdong Xiongsu Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Xiongsu 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 Guangdong Xiongsu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Xiongsu has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Guangdong Xiongsu go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Guangdong Xiongsu
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to under-perform the Guangdong Xiongsu. But the stock apears to be less risky and, when comparing its historical volatility, Anji Foodstuff Co is 1.29 times less risky than Guangdong Xiongsu. The stock trades about -0.01 of its potential returns per unit of risk. The Guangdong Xiongsu Technology is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 786.00 in Guangdong Xiongsu Technology on October 28, 2024 and sell it today you would lose (135.00) from holding Guangdong Xiongsu Technology or give up 17.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Guangdong Xiongsu Technology
Performance |
| Timeline |
| Anji Foodstuff |
| Guangdong Xiongsu |
Anji Foodstuff and Guangdong Xiongsu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Guangdong Xiongsu
The main advantage of trading using opposite Anji Foodstuff and Guangdong Xiongsu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Guangdong Xiongsu 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 Guangdong Xiongsu will offset losses from the drop in Guangdong Xiongsu's long position.| Anji Foodstuff vs. Kweichow Moutai Co | Anji Foodstuff vs. Contemporary Amperex Technology | Anji Foodstuff vs. G bits Network Technology | Anji Foodstuff vs. Beijing Roborock Technology |
| Guangdong Xiongsu vs. Anhui Fuhuang Steel | Guangdong Xiongsu vs. Road Environment Technology | Guangdong Xiongsu vs. Hangzhou Guotai Environmental | Guangdong Xiongsu vs. Eit Environmental Development |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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