Correlation Between Anji Foodstuff and Jinling Hotel
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By analyzing existing cross correlation between Anji Foodstuff Co and Jinling Hotel Corp, you can compare the effects of market volatilities on Anji Foodstuff and Jinling Hotel 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 Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Jinling Hotel.
Diversification Opportunities for Anji Foodstuff and Jinling Hotel
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anji and Jinling is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Jinling Hotel Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinling Hotel Corp 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 Jinling Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinling Hotel Corp has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Jinling Hotel go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Jinling Hotel
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 1.12 times more return on investment than Jinling Hotel. However, Anji Foodstuff is 1.12 times more volatile than Jinling Hotel Corp. It trades about -0.01 of its potential returns per unit of risk. Jinling Hotel Corp is currently generating about -0.03 per unit of risk. If you would invest 989.00 in Anji Foodstuff Co on October 16, 2024 and sell it today you would lose (219.00) from holding Anji Foodstuff Co or give up 22.14% 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. Jinling Hotel Corp
Performance |
| Timeline |
| Anji Foodstuff |
| Jinling Hotel Corp |
Anji Foodstuff and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Jinling Hotel
The main advantage of trading using opposite Anji Foodstuff and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Jinling Hotel 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 Jinling Hotel will offset losses from the drop in Jinling Hotel's long position.| Anji Foodstuff vs. Cultural Investment Holdings | Anji Foodstuff vs. Vanfund Urban Investment | Anji Foodstuff vs. Luyin Investment Group | Anji Foodstuff vs. Henan Shuanghui Investment |
| Jinling Hotel vs. Dongguan Tarry Electronics | Jinling Hotel vs. Aurora Optoelectronics Co | Jinling Hotel vs. TongFu Microelectronics Co | Jinling Hotel vs. Jiangyin Jianghua Microelectronics |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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