Correlation Between Jiangsu GDK and Fujian Anjoy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu GDK Biotechnology and Fujian Anjoy Foods, you can compare the effects of market volatilities on Jiangsu GDK 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 Jiangsu GDK with a short position of Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu GDK and Fujian Anjoy.
Diversification Opportunities for Jiangsu GDK and Fujian Anjoy
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiangsu and Fujian is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu GDK Biotechnology 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 Jiangsu GDK 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 Jiangsu GDK Biotechnology 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 Jiangsu GDK i.e., Jiangsu GDK and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Jiangsu GDK and Fujian Anjoy
Assuming the 90 days trading horizon Jiangsu GDK Biotechnology is expected to under-perform the Fujian Anjoy. In addition to that, Jiangsu GDK is 1.13 times more volatile than Fujian Anjoy Foods. It trades about -0.43 of its total potential returns per unit of risk. Fujian Anjoy Foods is currently generating about -0.12 per unit of volatility. If you would invest 8,283 in Fujian Anjoy Foods on October 10, 2024 and sell it today you would lose (564.00) from holding Fujian Anjoy Foods or give up 6.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu GDK Biotechnology vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Jiangsu GDK Biotechnology |
| Fujian Anjoy Foods |
Jiangsu GDK and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu GDK and Fujian Anjoy
The main advantage of trading using opposite Jiangsu GDK and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu GDK 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.| Jiangsu GDK vs. Kuang Chi Technologies | Jiangsu GDK vs. Allwin Telecommunication Co | Jiangsu GDK vs. Nanjing Putian Telecommunications | Jiangsu GDK vs. Jiangxi Hengda Hi Tech |
| Fujian Anjoy vs. Semiconductor Manufacturing Electronics | Fujian Anjoy vs. Mango Excellent Media | Fujian Anjoy vs. Fuzhou Rockchip Electronics | Fujian Anjoy vs. YiDong Electronics 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |