Correlation Between Suzhou Mingzhi and Fujian Anjoy
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By analyzing existing cross correlation between Suzhou Mingzhi Technology and Fujian Anjoy Foods, you can compare the effects of market volatilities on Suzhou Mingzhi 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 Suzhou Mingzhi with a short position of Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Mingzhi and Fujian Anjoy.
Diversification Opportunities for Suzhou Mingzhi and Fujian Anjoy
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Suzhou and Fujian is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Mingzhi Technology 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 Suzhou Mingzhi 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 Suzhou Mingzhi Technology 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 Suzhou Mingzhi i.e., Suzhou Mingzhi and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Suzhou Mingzhi and Fujian Anjoy
Assuming the 90 days trading horizon Suzhou Mingzhi Technology is expected to generate 1.74 times more return on investment than Fujian Anjoy. However, Suzhou Mingzhi is 1.74 times more volatile than Fujian Anjoy Foods. It trades about 0.12 of its potential returns per unit of risk. Fujian Anjoy Foods is currently generating about -0.43 per unit of risk. If you would invest 1,732 in Suzhou Mingzhi Technology on October 26, 2024 and sell it today you would earn a total of 97.00 from holding Suzhou Mingzhi Technology or generate 5.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Mingzhi Technology vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Suzhou Mingzhi Technology |
| Fujian Anjoy Foods |
Suzhou Mingzhi and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Mingzhi and Fujian Anjoy
The main advantage of trading using opposite Suzhou Mingzhi and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Mingzhi 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.| Suzhou Mingzhi vs. Fujian Anjoy Foods | Suzhou Mingzhi vs. Ligao Foods CoLtd | Suzhou Mingzhi vs. Qingdao Foods Co | Suzhou Mingzhi vs. Muyuan Foodstuff Co |
| 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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