Correlation Between ANTA SPORTS and CHINA TONTINE
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and CHINA TONTINE at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining ANTA SPORTS and CHINA TONTINE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANTA SPORTS PRODUCT and CHINA TONTINE WINES, you can compare the effects of market volatilities on ANTA SPORTS and CHINA TONTINE 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 ANTA SPORTS with a short position of CHINA TONTINE. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and CHINA TONTINE.
Diversification Opportunities for ANTA SPORTS and CHINA TONTINE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ANTA and CHINA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and CHINA TONTINE WINES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CHINA TONTINE WINES and ANTA SPORTS 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 ANTA SPORTS PRODUCT are associated (or correlated) with CHINA TONTINE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CHINA TONTINE WINES has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and CHINA TONTINE go up and down completely randomly.
Pair Corralation between ANTA SPORTS and CHINA TONTINE
If you would invest 7.00 in CHINA TONTINE WINES on October 12, 2024 and sell it today you would earn a total of 0.00 from holding CHINA TONTINE WINES or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. CHINA TONTINE WINES
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| CHINA TONTINE WINES |
ANTA SPORTS and CHINA TONTINE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and CHINA TONTINE
The main advantage of trading using opposite ANTA SPORTS and CHINA TONTINE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, CHINA TONTINE 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 CHINA TONTINE will offset losses from the drop in CHINA TONTINE's long position.| ANTA SPORTS vs. MagnaChip Semiconductor Corp | ANTA SPORTS vs. ELMOS SEMICONDUCTOR | ANTA SPORTS vs. Pembina Pipeline Corp | ANTA SPORTS vs. BOSTON BEER A |
| CHINA TONTINE vs. Zurich Insurance Group | CHINA TONTINE vs. The Hanover Insurance | CHINA TONTINE vs. SENECA FOODS A | CHINA TONTINE vs. National Beverage Corp |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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