Correlation Between ROPEOK Technology and Anhui Gujing
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By analyzing existing cross correlation between ROPEOK Technology Group and Anhui Gujing Distillery, you can compare the effects of market volatilities on ROPEOK Technology and Anhui Gujing 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 ROPEOK Technology with a short position of Anhui Gujing. Check out your portfolio center. Please also check ongoing floating volatility patterns of ROPEOK Technology and Anhui Gujing.
Diversification Opportunities for ROPEOK Technology and Anhui Gujing
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between ROPEOK and Anhui is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding ROPEOK Technology Group and Anhui Gujing Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Gujing Distillery and ROPEOK 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 ROPEOK Technology Group are associated (or correlated) with Anhui Gujing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Gujing Distillery has no effect on the direction of ROPEOK Technology i.e., ROPEOK Technology and Anhui Gujing go up and down completely randomly.
Pair Corralation between ROPEOK Technology and Anhui Gujing
Assuming the 90 days trading horizon ROPEOK Technology Group is expected to under-perform the Anhui Gujing. In addition to that, ROPEOK Technology is 2.86 times more volatile than Anhui Gujing Distillery. It trades about -0.05 of its total potential returns per unit of risk. Anhui Gujing Distillery is currently generating about 0.06 per unit of volatility. If you would invest 11,023 in Anhui Gujing Distillery on October 30, 2024 and sell it today you would earn a total of 257.00 from holding Anhui Gujing Distillery or generate 2.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ROPEOK Technology Group vs. Anhui Gujing Distillery
Performance |
| Timeline |
| ROPEOK Technology |
| Anhui Gujing Distillery |
ROPEOK Technology and Anhui Gujing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ROPEOK Technology and Anhui Gujing
The main advantage of trading using opposite ROPEOK Technology and Anhui Gujing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ROPEOK Technology position performs unexpectedly, Anhui Gujing 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 Anhui Gujing will offset losses from the drop in Anhui Gujing's long position.| ROPEOK Technology vs. Fujian Longzhou Transportation | ROPEOK Technology vs. Shuhua Sports Co | ROPEOK Technology vs. Zhongrun Resources Investment | ROPEOK Technology vs. Hubeiyichang Transportation Group |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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