Correlation Between Anji Foodstuff and Eyebright Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anji Foodstuff Co and Eyebright Medical Technology, you can compare the effects of market volatilities on Anji Foodstuff and Eyebright Medical 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 Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Eyebright Medical.
Diversification Opportunities for Anji Foodstuff and Eyebright Medical
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Anji and Eyebright is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical 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 Eyebright Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eyebright Medical has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Eyebright Medical go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Eyebright Medical
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 0.66 times more return on investment than Eyebright Medical. However, Anji Foodstuff Co is 1.51 times less risky than Eyebright Medical. It trades about 0.28 of its potential returns per unit of risk. Eyebright Medical Technology is currently generating about 0.08 per unit of risk. If you would invest 654.00 in Anji Foodstuff Co on September 12, 2024 and sell it today you would earn a total of 392.00 from holding Anji Foodstuff Co or generate 59.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.28% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Eyebright Medical Technology
Performance |
| Timeline |
| Anji Foodstuff |
| Eyebright Medical |
Anji Foodstuff and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Eyebright Medical
The main advantage of trading using opposite Anji Foodstuff and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Eyebright Medical 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 Eyebright Medical will offset losses from the drop in Eyebright Medical's long position.| Anji Foodstuff vs. Jiugui Liquor Co | Anji Foodstuff vs. China Aluminum International | Anji Foodstuff vs. Guangdong Jingyi Metal | Anji Foodstuff vs. Tianshan Aluminum Group |
| Eyebright Medical vs. China Sports Industry | Eyebright Medical vs. Jiangxi Selon Industrial | Eyebright Medical vs. Huafa Industrial Co | Eyebright Medical vs. Qingdao Choho Industrial |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |