Correlation Between Anji Foodstuff and Chengdu B
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By analyzing existing cross correlation between Anji Foodstuff Co and Chengdu B ray Media, you can compare the effects of market volatilities on Anji Foodstuff and Chengdu B 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 Chengdu B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Chengdu B.
Diversification Opportunities for Anji Foodstuff and Chengdu B
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anji and Chengdu is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray 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 Chengdu B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Chengdu B go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Chengdu B
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 0.9 times more return on investment than Chengdu B. However, Anji Foodstuff Co is 1.12 times less risky than Chengdu B. It trades about 0.0 of its potential returns per unit of risk. Chengdu B ray Media is currently generating about 0.0 per unit of risk. If you would invest 993.00 in Anji Foodstuff Co on October 29, 2024 and sell it today you would lose (185.00) from holding Anji Foodstuff Co or give up 18.63% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Anji Foodstuff Co vs. Chengdu B ray Media
Performance |
Timeline |
Anji Foodstuff |
Chengdu B ray |
Anji Foodstuff and Chengdu B Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anji Foodstuff and Chengdu B
The main advantage of trading using opposite Anji Foodstuff and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Chengdu B 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 Chengdu B will offset losses from the drop in Chengdu B's long position.Anji Foodstuff vs. Xiandai Investment Co | ||
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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