Correlation Between CITIC Securities and Anhui Jinhe
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By analyzing existing cross correlation between CITIC Securities Co and Anhui Jinhe Industrial, you can compare the effects of market volatilities on CITIC Securities 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 CITIC Securities with a short position of Anhui Jinhe. Check out your portfolio center. Please also check ongoing floating volatility patterns of CITIC Securities and Anhui Jinhe.
Diversification Opportunities for CITIC Securities and Anhui Jinhe
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between CITIC and Anhui is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding CITIC Securities 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 CITIC Securities 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 CITIC Securities 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 CITIC Securities i.e., CITIC Securities and Anhui Jinhe go up and down completely randomly.
Pair Corralation between CITIC Securities and Anhui Jinhe
Assuming the 90 days trading horizon CITIC Securities Co is expected to under-perform the Anhui Jinhe. But the stock apears to be less risky and, when comparing its historical volatility, CITIC Securities Co is 1.03 times less risky than Anhui Jinhe. The stock trades about -0.11 of its potential returns per unit of risk. The Anhui Jinhe Industrial is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 2,389 in Anhui Jinhe Industrial on December 4, 2024 and sell it today you would lose (119.00) from holding Anhui Jinhe Industrial or give up 4.98% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
CITIC Securities Co vs. Anhui Jinhe Industrial
Performance |
Timeline |
CITIC Securities |
Anhui Jinhe Industrial |
CITIC Securities and Anhui Jinhe Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with CITIC Securities and Anhui Jinhe
The main advantage of trading using opposite CITIC Securities and Anhui Jinhe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CITIC Securities 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.CITIC Securities vs. Dhc Software Co | ||
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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