Correlation Between Anji Foodstuff and Orinko Advanced
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anji Foodstuff Co and Orinko Advanced Plastics, you can compare the effects of market volatilities on Anji Foodstuff and Orinko Advanced 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 Orinko Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Orinko Advanced.
Diversification Opportunities for Anji Foodstuff and Orinko Advanced
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anji and Orinko is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Orinko Advanced Plastics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orinko Advanced Plastics 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 Orinko Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orinko Advanced Plastics has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Orinko Advanced go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Orinko Advanced
Assuming the 90 days trading horizon Anji Foodstuff is expected to generate 7.58 times less return on investment than Orinko Advanced. In addition to that, Anji Foodstuff is 1.02 times more volatile than Orinko Advanced Plastics. It trades about 0.0 of its total potential returns per unit of risk. Orinko Advanced Plastics is currently generating about 0.02 per unit of volatility. If you would invest 997.00 in Orinko Advanced Plastics on October 16, 2024 and sell it today you would earn a total of 100.00 from holding Orinko Advanced Plastics or generate 10.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Orinko Advanced Plastics
Performance |
| Timeline |
| Anji Foodstuff |
| Orinko Advanced Plastics |
Anji Foodstuff and Orinko Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Orinko Advanced
The main advantage of trading using opposite Anji Foodstuff and Orinko Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Orinko Advanced 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 Orinko Advanced will offset losses from the drop in Orinko Advanced's long position.| Anji Foodstuff vs. Changjiang Publishing Media | Anji Foodstuff vs. Jiangsu Jinling Sports | Anji Foodstuff vs. China Publishing Media | Anji Foodstuff vs. Qtone Education Group |
| Orinko Advanced vs. Anji Foodstuff Co | Orinko Advanced vs. Shanghai Ziyan Foods | Orinko Advanced vs. GigaDevice SemiconductorBeiji | Orinko Advanced vs. Ingenic Semiconductor |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| 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 | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |