Correlation Between Anji Microelectronics and Tianjin Pengling
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anji Microelectronics Tech and Tianjin Pengling Rubber, you can compare the effects of market volatilities on Anji Microelectronics and Tianjin Pengling 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 Microelectronics with a short position of Tianjin Pengling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anji Microelectronics and Tianjin Pengling.
Diversification Opportunities for Anji Microelectronics and Tianjin Pengling
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Anji and Tianjin is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Anji Microelectronics Tech and Tianjin Pengling Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Pengling Rubber and Anji Microelectronics 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 Microelectronics Tech are associated (or correlated) with Tianjin Pengling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Pengling Rubber has no effect on the direction of Anji Microelectronics i.e., Anji Microelectronics and Tianjin Pengling go up and down completely randomly.
Pair Corralation between Anji Microelectronics and Tianjin Pengling
Assuming the 90 days trading horizon Anji Microelectronics Tech is expected to generate 1.27 times more return on investment than Tianjin Pengling. However, Anji Microelectronics is 1.27 times more volatile than Tianjin Pengling Rubber. It trades about 0.14 of its potential returns per unit of risk. Tianjin Pengling Rubber is currently generating about 0.16 per unit of risk. If you would invest 10,648 in Anji Microelectronics Tech on September 11, 2024 and sell it today you would earn a total of 4,032 from holding Anji Microelectronics Tech or generate 37.87% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Anji Microelectronics Tech vs. Tianjin Pengling Rubber
Performance |
Timeline |
Anji Microelectronics |
Tianjin Pengling Rubber |
Anji Microelectronics and Tianjin Pengling Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Anji Microelectronics and Tianjin Pengling
The main advantage of trading using opposite Anji Microelectronics and Tianjin Pengling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anji Microelectronics position performs unexpectedly, Tianjin Pengling 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 Tianjin Pengling will offset losses from the drop in Tianjin Pengling's long position.Anji Microelectronics vs. PetroChina Co Ltd | Anji Microelectronics vs. China Mobile Limited | Anji Microelectronics vs. CNOOC Limited | Anji Microelectronics vs. Ping An Insurance |
Tianjin Pengling vs. Focus Media Information | Tianjin Pengling vs. China World Trade | Tianjin Pengling vs. Guangzhou Ruoyuchen Information | Tianjin Pengling vs. Zhangjiagang Freetrade Science |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |