Correlation Between Zoy Home and Fujian Anjoy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zoy Home Furnishing and Fujian Anjoy Foods, you can compare the effects of market volatilities on Zoy Home and Fujian Anjoy 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 Zoy Home with a short position of Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoy Home and Fujian Anjoy.
Diversification Opportunities for Zoy Home and Fujian Anjoy
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zoy and Fujian is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Zoy Home Furnishing and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods and Zoy Home 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 Zoy Home Furnishing are associated (or correlated) with Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Zoy Home i.e., Zoy Home and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Zoy Home and Fujian Anjoy
Assuming the 90 days trading horizon Zoy Home Furnishing is expected to generate 2.11 times more return on investment than Fujian Anjoy. However, Zoy Home is 2.11 times more volatile than Fujian Anjoy Foods. It trades about 0.07 of its potential returns per unit of risk. Fujian Anjoy Foods is currently generating about -0.25 per unit of risk. If you would invest 1,090 in Zoy Home Furnishing on October 28, 2024 and sell it today you would earn a total of 36.00 from holding Zoy Home Furnishing or generate 3.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoy Home Furnishing vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Zoy Home Furnishing |
| Fujian Anjoy Foods |
Zoy Home and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoy Home and Fujian Anjoy
The main advantage of trading using opposite Zoy Home and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoy Home position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy's long position.| Zoy Home vs. ROPEOK Technology Group | Zoy Home vs. Western Metal Materials | Zoy Home vs. Shandong Hongchuang Aluminum | Zoy Home vs. Chongqing Shunbo Aluminum |
| Fujian Anjoy vs. Kweichow Moutai Co | Fujian Anjoy vs. Contemporary Amperex Technology | Fujian Anjoy vs. G bits Network Technology | Fujian Anjoy vs. Beijing Roborock Technology |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |