Correlation Between Anji Foodstuff and Jiangsu Jinling
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By analyzing existing cross correlation between Anji Foodstuff Co and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Anji Foodstuff and Jiangsu Jinling 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 Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Jiangsu Jinling.
Diversification Opportunities for Anji Foodstuff and Jiangsu Jinling
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anji and Jiangsu is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports 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 Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Jiangsu Jinling
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 0.88 times more return on investment than Jiangsu Jinling. However, Anji Foodstuff Co is 1.14 times less risky than Jiangsu Jinling. It trades about 0.0 of its potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about -0.02 per unit of risk. If you would invest 1,042 in Anji Foodstuff Co on September 4, 2024 and sell it today you would lose (165.00) from holding Anji Foodstuff Co or give up 15.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Anji Foodstuff |
| Jiangsu Jinling Sports |
Anji Foodstuff and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Jiangsu Jinling
The main advantage of trading using opposite Anji Foodstuff and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Jiangsu Jinling 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 Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Anji Foodstuff vs. Sunwave Communications Co | Anji Foodstuff vs. Wuhan Yangtze Communication | Anji Foodstuff vs. Jiangxi Hengda Hi Tech | Anji Foodstuff vs. Shenzhen Zhongzhuang Construction |
| Jiangsu Jinling vs. BeiGene | Jiangsu Jinling vs. Kweichow Moutai Co | Jiangsu Jinling vs. Beijing Roborock Technology | Jiangsu Jinling vs. G bits Network Technology |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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