Correlation Between Anji Foodstuff and Yoantion Industrial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anji Foodstuff Co and Yoantion Industrial IncLtd, you can compare the effects of market volatilities on Anji Foodstuff and Yoantion Industrial 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 Yoantion Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Yoantion Industrial.
Diversification Opportunities for Anji Foodstuff and Yoantion Industrial
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anji and Yoantion is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Yoantion Industrial IncLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yoantion Industrial 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 Yoantion Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yoantion Industrial has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Yoantion Industrial go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Yoantion Industrial
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 1.7 times more return on investment than Yoantion Industrial. However, Anji Foodstuff is 1.7 times more volatile than Yoantion Industrial IncLtd. It trades about -0.03 of its potential returns per unit of risk. Yoantion Industrial IncLtd is currently generating about -0.06 per unit of risk. If you would invest 870.00 in Anji Foodstuff Co on November 3, 2024 and sell it today you would lose (62.00) from holding Anji Foodstuff Co or give up 7.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Yoantion Industrial IncLtd
Performance |
| Timeline |
| Anji Foodstuff |
| Yoantion Industrial |
Anji Foodstuff and Yoantion Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Yoantion Industrial
The main advantage of trading using opposite Anji Foodstuff and Yoantion Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Yoantion Industrial 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 Yoantion Industrial will offset losses from the drop in Yoantion Industrial's long position.| Anji Foodstuff vs. Anhui Huaheng Biotechnology | Anji Foodstuff vs. Double Medical Technology | Anji Foodstuff vs. Shanghai Rightongene Biotechnology | Anji Foodstuff vs. Zhonghong Pulin Medical |
| Yoantion Industrial vs. Citic Guoan Wine | Yoantion Industrial vs. Guangzhou KingTeller Technology | Yoantion Industrial vs. Juneyao Airlines | Yoantion Industrial vs. Linewell Software 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |