Correlation Between Anhui Huilong and Wintime Energy
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By analyzing existing cross correlation between Anhui Huilong Agricultural and Wintime Energy Co, you can compare the effects of market volatilities on Anhui Huilong and Wintime Energy 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 Anhui Huilong with a short position of Wintime Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Huilong and Wintime Energy.
Diversification Opportunities for Anhui Huilong and Wintime Energy
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anhui and Wintime is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Huilong Agricultural and Wintime Energy Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wintime Energy and Anhui Huilong 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 Anhui Huilong Agricultural are associated (or correlated) with Wintime Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wintime Energy has no effect on the direction of Anhui Huilong i.e., Anhui Huilong and Wintime Energy go up and down completely randomly.
Pair Corralation between Anhui Huilong and Wintime Energy
Assuming the 90 days trading horizon Anhui Huilong Agricultural is expected to under-perform the Wintime Energy. In addition to that, Anhui Huilong is 1.09 times more volatile than Wintime Energy Co. It trades about -0.03 of its total potential returns per unit of risk. Wintime Energy Co is currently generating about 0.01 per unit of volatility. If you would invest 160.00 in Wintime Energy Co on October 26, 2024 and sell it today you would lose (5.00) from holding Wintime Energy Co or give up 3.12% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Anhui Huilong Agricultural vs. Wintime Energy Co
Performance |
Timeline |
Anhui Huilong Agricu |
Wintime Energy |
Anhui Huilong and Wintime Energy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anhui Huilong and Wintime Energy
The main advantage of trading using opposite Anhui Huilong and Wintime Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Huilong position performs unexpectedly, Wintime Energy 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 Wintime Energy will offset losses from the drop in Wintime Energy's long position.Anhui Huilong vs. Zijin Mining Group | Anhui Huilong vs. Wanhua Chemical Group | Anhui Huilong vs. Baoshan Iron Steel | Anhui Huilong vs. Shandong Gold Mining |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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