Correlation Between Xiangyu Medical and Anhui Transport
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By analyzing existing cross correlation between Xiangyu Medical Co and Anhui Transport Consulting, you can compare the effects of market volatilities on Xiangyu Medical and Anhui Transport 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 Xiangyu Medical with a short position of Anhui Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Anhui Transport.
Diversification Opportunities for Xiangyu Medical and Anhui Transport
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xiangyu and Anhui is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Anhui Transport Consulting in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Transport Cons and Xiangyu Medical 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 Xiangyu Medical Co are associated (or correlated) with Anhui Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Transport Cons has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Anhui Transport go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Anhui Transport
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to generate 2.06 times more return on investment than Anhui Transport. However, Xiangyu Medical is 2.06 times more volatile than Anhui Transport Consulting. It trades about -0.04 of its potential returns per unit of risk. Anhui Transport Consulting is currently generating about -0.18 per unit of risk. If you would invest 3,172 in Xiangyu Medical Co on October 30, 2024 and sell it today you would lose (215.00) from holding Xiangyu Medical Co or give up 6.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Anhui Transport Consulting
Performance |
| Timeline |
| Xiangyu Medical |
| Anhui Transport Cons |
Xiangyu Medical and Anhui Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Anhui Transport
The main advantage of trading using opposite Xiangyu Medical and Anhui Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Anhui Transport 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 Transport will offset losses from the drop in Anhui Transport's long position.| Xiangyu Medical vs. Xiangyang Automobile Bearing | Xiangyu Medical vs. Jilin Jlu Communication | Xiangyu Medical vs. Jiangsu Financial Leasing | Xiangyu Medical vs. Queclink Wireless Solutions |
| Anhui Transport vs. Nanjing OLO Home | Anhui Transport vs. Zoy Home Furnishing | Anhui Transport vs. Fiberhome Telecommunication Technologies | Anhui Transport vs. Jiangsu Yanghe Brewery |
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.
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