Correlation Between Anji Foodstuff and Cofoe Medical
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By analyzing existing cross correlation between Anji Foodstuff Co and Cofoe Medical Technology, you can compare the effects of market volatilities on Anji Foodstuff and Cofoe Medical 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 Anji Foodstuff with a short position of Cofoe Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Foodstuff and Cofoe Medical.
Diversification Opportunities for Anji Foodstuff and Cofoe Medical
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Anji and Cofoe is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Anji Foodstuff Co and Cofoe Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofoe Medical Technology and Anji Foodstuff 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 Anji Foodstuff Co are associated (or correlated) with Cofoe Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofoe Medical Technology has no effect on the direction of Anji Foodstuff i.e., Anji Foodstuff and Cofoe Medical go up and down completely randomly.
Pair Corralation between Anji Foodstuff and Cofoe Medical
Assuming the 90 days trading horizon Anji Foodstuff Co is expected to generate 1.59 times more return on investment than Cofoe Medical. However, Anji Foodstuff is 1.59 times more volatile than Cofoe Medical Technology. It trades about -0.01 of its potential returns per unit of risk. Cofoe Medical Technology is currently generating about -0.16 per unit of risk. If you would invest 827.00 in Anji Foodstuff Co on October 8, 2024 and sell it today you would lose (45.00) from holding Anji Foodstuff Co or give up 5.44% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Anji Foodstuff Co vs. Cofoe Medical Technology
Performance |
Timeline |
Anji Foodstuff |
Cofoe Medical Technology |
Anji Foodstuff and Cofoe Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anji Foodstuff and Cofoe Medical
The main advantage of trading using opposite Anji Foodstuff and Cofoe Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Foodstuff position performs unexpectedly, Cofoe Medical 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 Cofoe Medical will offset losses from the drop in Cofoe Medical's long position.Anji Foodstuff vs. Industrial and Commercial | Anji Foodstuff vs. Agricultural Bank of | Anji Foodstuff vs. China Construction Bank | Anji Foodstuff vs. Bank of China |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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