Correlation Between ANJI Technology and An Shin
Can any of the company-specific risk be diversified away by investing in both ANJI Technology and An Shin at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining ANJI Technology and An Shin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANJI Technology Co and An Shin Food Services, you can compare the effects of market volatilities on ANJI Technology and An Shin 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 Technology with a short position of An Shin. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANJI Technology and An Shin.
Diversification Opportunities for ANJI Technology and An Shin
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between ANJI and 1259 is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding ANJI Technology Co and An Shin Food Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on An Shin Food and ANJI Technology 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 Technology Co are associated (or correlated) with An Shin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of An Shin Food has no effect on the direction of ANJI Technology i.e., ANJI Technology and An Shin go up and down completely randomly.
Pair Corralation between ANJI Technology and An Shin
Assuming the 90 days trading horizon ANJI Technology Co is expected to generate 3.33 times more return on investment than An Shin. However, ANJI Technology is 3.33 times more volatile than An Shin Food Services. It trades about 0.0 of its potential returns per unit of risk. An Shin Food Services is currently generating about -0.03 per unit of risk. If you would invest 4,715 in ANJI Technology Co on October 30, 2024 and sell it today you would lose (745.00) from holding ANJI Technology Co or give up 15.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANJI Technology Co vs. An Shin Food Services
Performance |
| Timeline |
| ANJI Technology |
| An Shin Food |
ANJI Technology and An Shin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANJI Technology and An Shin
The main advantage of trading using opposite ANJI Technology and An Shin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANJI Technology position performs unexpectedly, An Shin 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 An Shin will offset losses from the drop in An Shin's long position.| ANJI Technology vs. TSEC Corp | ANJI Technology vs. United Renewable Energy | ANJI Technology vs. Tainergy Tech Co | ANJI Technology vs. Motech Industries Co |
| An Shin vs. Cayenne Entertainment Technology | An Shin vs. Eastern Media International | An Shin vs. TWOWAY Communications | An Shin vs. Chief Telecom |
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.
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