Correlation Between ANJI Technology and Winstek Semiconductor
Can any of the company-specific risk be diversified away by investing in both ANJI Technology and Winstek Semiconductor 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 Winstek Semiconductor 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 Winstek Semiconductor Co, you can compare the effects of market volatilities on ANJI Technology and Winstek Semiconductor 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 Winstek Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANJI Technology and Winstek Semiconductor.
Diversification Opportunities for ANJI Technology and Winstek Semiconductor
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between ANJI and Winstek is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding ANJI Technology Co and Winstek Semiconductor Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winstek Semiconductor 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 Winstek Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winstek Semiconductor has no effect on the direction of ANJI Technology i.e., ANJI Technology and Winstek Semiconductor go up and down completely randomly.
Pair Corralation between ANJI Technology and Winstek Semiconductor
Assuming the 90 days trading horizon ANJI Technology Co is expected to generate 1.08 times more return on investment than Winstek Semiconductor. However, ANJI Technology is 1.08 times more volatile than Winstek Semiconductor Co. It trades about 0.03 of its potential returns per unit of risk. Winstek Semiconductor Co is currently generating about 0.02 per unit of risk. If you would invest 3,780 in ANJI Technology Co on October 25, 2024 and sell it today you would earn a total of 190.00 from holding ANJI Technology Co or generate 5.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANJI Technology Co vs. Winstek Semiconductor Co
Performance |
| Timeline |
| ANJI Technology |
| Winstek Semiconductor |
ANJI Technology and Winstek Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANJI Technology and Winstek Semiconductor
The main advantage of trading using opposite ANJI Technology and Winstek Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANJI Technology position performs unexpectedly, Winstek Semiconductor 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 Winstek Semiconductor will offset losses from the drop in Winstek Semiconductor'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 |
| Winstek Semiconductor vs. Elan Microelectronics Corp | Winstek Semiconductor vs. CKM Building Material | Winstek Semiconductor vs. Hwa Fong Rubber | Winstek Semiconductor vs. BenQ Materials 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| 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 |