Correlation Between Epoxy Base and Anker Innovations
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By analyzing existing cross correlation between Epoxy Base Electronic and Anker Innovations Technology, you can compare the effects of market volatilities on Epoxy Base and Anker Innovations 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 Epoxy Base with a short position of Anker Innovations. Check out your portfolio center. Please also check ongoing floating volatility patterns of Epoxy Base and Anker Innovations.
Diversification Opportunities for Epoxy Base and Anker Innovations
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Epoxy and Anker is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Epoxy Base Electronic and Anker Innovations Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anker Innovations and Epoxy Base 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 Epoxy Base Electronic are associated (or correlated) with Anker Innovations. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anker Innovations has no effect on the direction of Epoxy Base i.e., Epoxy Base and Anker Innovations go up and down completely randomly.
Pair Corralation between Epoxy Base and Anker Innovations
Assuming the 90 days trading horizon Epoxy Base Electronic is expected to under-perform the Anker Innovations. In addition to that, Epoxy Base is 1.18 times more volatile than Anker Innovations Technology. It trades about -0.4 of its total potential returns per unit of risk. Anker Innovations Technology is currently generating about 0.29 per unit of volatility. If you would invest 8,686 in Anker Innovations Technology on October 10, 2024 and sell it today you would earn a total of 1,397 from holding Anker Innovations Technology or generate 16.08% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Epoxy Base Electronic vs. Anker Innovations Technology
Performance |
Timeline |
Epoxy Base Electronic |
Anker Innovations |
Epoxy Base and Anker Innovations Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Epoxy Base and Anker Innovations
The main advantage of trading using opposite Epoxy Base and Anker Innovations positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Epoxy Base position performs unexpectedly, Anker Innovations 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 Anker Innovations will offset losses from the drop in Anker Innovations' long position.Epoxy Base vs. Keeson Technology Corp | Epoxy Base vs. Sinofibers Technology Co | Epoxy Base vs. Jiangsu Yueda Investment | Epoxy Base vs. Xiandai Investment 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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