Correlation Between JuneYao Dairy and Anji Foodstuff
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By analyzing existing cross correlation between JuneYao Dairy Co and Anji Foodstuff Co, you can compare the effects of market volatilities on JuneYao Dairy and Anji Foodstuff 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 JuneYao Dairy with a short position of Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Anji Foodstuff.
Diversification Opportunities for JuneYao Dairy and Anji Foodstuff
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JuneYao and Anji is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff and JuneYao Dairy 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 JuneYao Dairy Co are associated (or correlated) with Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and Anji Foodstuff go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Anji Foodstuff
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to under-perform the Anji Foodstuff. In addition to that, JuneYao Dairy is 1.16 times more volatile than Anji Foodstuff Co. It trades about 0.0 of its total potential returns per unit of risk. Anji Foodstuff Co is currently generating about 0.06 per unit of volatility. 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 |
JuneYao Dairy Co vs. Anji Foodstuff Co
Performance |
| Timeline |
| JuneYao Dairy |
| Anji Foodstuff |
JuneYao Dairy and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and Anji Foodstuff
The main advantage of trading using opposite JuneYao Dairy and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff's long position.| JuneYao Dairy vs. Bus Online Co | JuneYao Dairy vs. Holitech Technology Co | JuneYao Dairy vs. Gome Telecom Equipment | JuneYao Dairy vs. Cultural Investment Holdings |
| Anji Foodstuff vs. Beijing Enlight Media | Anji Foodstuff vs. Kingclean Electric Co | Anji Foodstuff vs. Mango Excellent Media | Anji Foodstuff vs. Omnijoi Media Corp |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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