Correlation Between Anji Foodstuff and Goodwill E
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By analyzing existing cross correlation between Anji Foodstuff Co and Goodwill E Health, you can compare the effects of market volatilities on Anji Foodstuff and Goodwill E 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 Goodwill E. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Goodwill E.
Diversification Opportunities for Anji Foodstuff and Goodwill E
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anji and Goodwill is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Goodwill E Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodwill E Health 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 Goodwill E. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodwill E Health has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Goodwill E go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Goodwill E
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 0.68 times more return on investment than Goodwill E. However, Anji Foodstuff Co is 1.47 times less risky than Goodwill E. It trades about -0.02 of its potential returns per unit of risk. Goodwill E Health is currently generating about -0.03 per unit of risk. If you would invest 820.00 in Anji Foodstuff Co on November 1, 2024 and sell it today you would lose (12.00) from holding Anji Foodstuff Co or give up 1.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anji Foodstuff Co vs. Goodwill E Health
Performance |
| Timeline |
| Anji Foodstuff |
| Goodwill E Health |
Anji Foodstuff and Goodwill E Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anji Foodstuff and Goodwill E
The main advantage of trading using opposite Anji Foodstuff and Goodwill E positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Goodwill E 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 Goodwill E will offset losses from the drop in Goodwill E's long position.| Anji Foodstuff vs. Fiberhome Telecommunication Technologies | Anji Foodstuff vs. Anhui Jinhe Industrial | Anji Foodstuff vs. Nanjing Putian Telecommunications | Anji Foodstuff vs. Bosera CMSK Industrial |
| Goodwill E vs. Ligao Foods CoLtd | Goodwill E vs. Jinhui Liquor Co | Goodwill E vs. Jiugui Liquor Co | Goodwill E vs. Anji Foodstuff Co |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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