Correlation Between Anji Foodstuff and JuneYao Dairy
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By analyzing existing cross correlation between Anji Foodstuff Co and JuneYao Dairy Co, you can compare the effects of market volatilities on Anji Foodstuff and JuneYao Dairy 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 JuneYao Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and JuneYao Dairy.
Diversification Opportunities for Anji Foodstuff and JuneYao Dairy
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anji and JuneYao is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and JuneYao Dairy Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JuneYao Dairy 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 JuneYao Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JuneYao Dairy has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and JuneYao Dairy go up and down completely randomly.
Pair Corralation between Anji Foodstuff and JuneYao Dairy
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 0.86 times more return on investment than JuneYao Dairy. However, Anji Foodstuff Co is 1.16 times less risky than JuneYao Dairy. It trades about 0.06 of its potential returns per unit of risk. JuneYao Dairy Co is currently generating about 0.0 per unit of risk. If you would invest 600.00 in Anji Foodstuff Co on November 3, 2024 and sell it today you would earn a total of 208.00 from holding Anji Foodstuff Co or generate 34.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. JuneYao Dairy Co
Performance |
| Timeline |
| Anji Foodstuff |
| JuneYao Dairy |
Anji Foodstuff and JuneYao Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and JuneYao Dairy
The main advantage of trading using opposite Anji Foodstuff and JuneYao Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, JuneYao Dairy 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 JuneYao Dairy will offset losses from the drop in JuneYao Dairy's long position.| Anji Foodstuff vs. Beijing Enlight Media | Anji Foodstuff vs. Kingclean Electric Co | Anji Foodstuff vs. Mango Excellent Media | Anji Foodstuff vs. Omnijoi Media Corp |
| JuneYao Dairy vs. Bus Online Co | JuneYao Dairy vs. Holitech Technology Co | JuneYao Dairy vs. Gome Telecom Equipment | JuneYao Dairy vs. Cultural Investment Holdings |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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