Correlation Between Anji Foodstuff and Kingclean Electric
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By analyzing existing cross correlation between Anji Foodstuff Co and Kingclean Electric Co, you can compare the effects of market volatilities on Anji Foodstuff and Kingclean Electric 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 Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Kingclean Electric.
Diversification Opportunities for Anji Foodstuff and Kingclean Electric
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anji and Kingclean is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric 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 Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Kingclean Electric go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Kingclean Electric
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 2.17 times more return on investment than Kingclean Electric. However, Anji Foodstuff is 2.17 times more volatile than Kingclean Electric Co. It trades about 0.44 of its potential returns per unit of risk. Kingclean Electric Co is currently generating about -0.1 per unit of risk. If you would invest 815.00 in Anji Foodstuff Co on September 14, 2024 and sell it today you would earn a total of 306.00 from holding Anji Foodstuff Co or generate 37.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Kingclean Electric Co
Performance |
| Timeline |
| Anji Foodstuff |
| Kingclean Electric |
Anji Foodstuff and Kingclean Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Kingclean Electric
The main advantage of trading using opposite Anji Foodstuff and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric's long position.| Anji Foodstuff vs. Shanghai Rendu Biotechnology | Anji Foodstuff vs. Ningbo MedicalSystem Biotechnology | Anji Foodstuff vs. Eastern Communications Co | Anji Foodstuff vs. TianJin 712 Communication |
| Kingclean Electric vs. Anji Foodstuff Co | Kingclean Electric vs. Great Sun Foods Co | Kingclean Electric vs. Beijing Yanjing Brewery | Kingclean Electric vs. Eastroc Beverage Group |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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