Correlation Between Anji Microelectronics and Dow Jones
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By analyzing existing cross correlation between Anji Microelectronics Tech and Dow Jones Industrial, you can compare the effects of market volatilities on Anji Microelectronics and Dow Jones 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 Microelectronics with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Microelectronics and Dow Jones.
Diversification Opportunities for Anji Microelectronics and Dow Jones
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anji and Dow is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Anji Microelectronics Tech and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and Anji Microelectronics 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 Microelectronics Tech are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Anji Microelectronics i.e., Anji Microelectronics and Dow Jones go up and down completely randomly.
Pair Corralation between Anji Microelectronics and Dow Jones
Assuming the 90 days trading horizon Anji Microelectronics is expected to generate 1.12 times less return on investment than Dow Jones. In addition to that, Anji Microelectronics is 3.45 times more volatile than Dow Jones Industrial. It trades about 0.03 of its total potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.11 per unit of volatility. If you would invest 4,284,026 in Dow Jones Industrial on October 21, 2024 and sell it today you would earn a total of 64,757 from holding Dow Jones Industrial or generate 1.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Anji Microelectronics Tech vs. Dow Jones Industrial
Performance |
| Timeline |
Anji Microelectronics and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Anji Microelectronics Tech
Pair trading matchups for Anji Microelectronics
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Anji Microelectronics and Dow Jones
The main advantage of trading using opposite Anji Microelectronics and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Microelectronics position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Anji Microelectronics vs. Kweichow Moutai Co | Anji Microelectronics vs. NAURA Technology Group | Anji Microelectronics vs. Zhejiang Orient Gene | Anji Microelectronics vs. APT Medical |
| Dow Jones vs. SkyWest | Dow Jones vs. Air Transport Services | Dow Jones vs. LATAM Airlines Group | Dow Jones vs. Emerson Radio |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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