Correlation Between Digiwin Software and Anhui Jinhe
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By analyzing existing cross correlation between Digiwin Software Co and Anhui Jinhe Industrial, you can compare the effects of market volatilities on Digiwin Software and Anhui Jinhe 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 Digiwin Software with a short position of Anhui Jinhe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digiwin Software and Anhui Jinhe.
Diversification Opportunities for Digiwin Software and Anhui Jinhe
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Digiwin and Anhui is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Digiwin Software Co and Anhui Jinhe Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Jinhe Industrial and Digiwin Software 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 Digiwin Software Co are associated (or correlated) with Anhui Jinhe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Jinhe Industrial has no effect on the direction of Digiwin Software i.e., Digiwin Software and Anhui Jinhe go up and down completely randomly.
Pair Corralation between Digiwin Software and Anhui Jinhe
Assuming the 90 days trading horizon Digiwin Software Co is expected to under-perform the Anhui Jinhe. In addition to that, Digiwin Software is 2.23 times more volatile than Anhui Jinhe Industrial. It trades about -0.39 of its total potential returns per unit of risk. Anhui Jinhe Industrial is currently generating about 0.02 per unit of volatility. If you would invest 2,345 in Anhui Jinhe Industrial on October 10, 2024 and sell it today you would earn a total of 10.00 from holding Anhui Jinhe Industrial or generate 0.43% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
Digiwin Software Co vs. Anhui Jinhe Industrial
Performance |
Timeline |
Digiwin Software |
Anhui Jinhe Industrial |
Digiwin Software and Anhui Jinhe Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Digiwin Software and Anhui Jinhe
The main advantage of trading using opposite Digiwin Software and Anhui Jinhe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digiwin Software position performs unexpectedly, Anhui Jinhe 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 Jinhe will offset losses from the drop in Anhui Jinhe's long position.Digiwin Software vs. Unisplendour Corp | Digiwin Software vs. Sichuan Jinshi Technology | Digiwin Software vs. Fujian Newland Computer | Digiwin Software vs. Tianjin Hi Tech Development |
Anhui Jinhe vs. Road Environment Technology | Anhui Jinhe vs. Sportsoul Co Ltd | Anhui Jinhe vs. Threes Company Media | Anhui Jinhe vs. Zhongshan Broad Ocean Motor |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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