Correlation Between Janus Asia and Guinness Atkinson
Can any of the company-specific risk be diversified away by investing in both Janus Asia and Guinness Atkinson 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 Janus Asia and Guinness Atkinson into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Janus Asia Equity and Guinness Atkinson Asia, you can compare the effects of market volatilities on Janus Asia and Guinness Atkinson 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 Janus Asia with a short position of Guinness Atkinson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Janus Asia and Guinness Atkinson.
Diversification Opportunities for Janus Asia and Guinness Atkinson
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Janus and Guinness is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Janus Asia Equity and Guinness Atkinson Asia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guinness Atkinson Asia and Janus Asia 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 Janus Asia Equity are associated (or correlated) with Guinness Atkinson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guinness Atkinson Asia has no effect on the direction of Janus Asia i.e., Janus Asia and Guinness Atkinson go up and down completely randomly.
Pair Corralation between Janus Asia and Guinness Atkinson
If you would invest 1,496 in Guinness Atkinson Asia on September 13, 2024 and sell it today you would earn a total of 47.00 from holding Guinness Atkinson Asia or generate 3.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Janus Asia Equity vs. Guinness Atkinson Asia
Performance |
| Timeline |
| Janus Asia Equity |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Guinness Atkinson Asia |
Janus Asia and Guinness Atkinson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Janus Asia and Guinness Atkinson
The main advantage of trading using opposite Janus Asia and Guinness Atkinson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Janus Asia position performs unexpectedly, Guinness Atkinson 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 Guinness Atkinson will offset losses from the drop in Guinness Atkinson's long position.| Janus Asia vs. Virtus Convertible | Janus Asia vs. Calamos Dynamic Convertible | Janus Asia vs. Putnam Convertible Incm Gwth | Janus Asia vs. Fidelity Sai Convertible |
| Guinness Atkinson vs. Guinness Atkinson China | Guinness Atkinson vs. Guinness Atkinson Global | Guinness Atkinson vs. Guinness Atkinson Global |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |