Correlation Between Shanghai Baosteel and Amcor PLC

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Can any of the company-specific risk be diversified away by investing in both Shanghai Baosteel and Amcor PLC at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Shanghai Baosteel and Amcor PLC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shanghai Baosteel Packaging and Amcor PLC, you can compare the effects of market volatilities on Shanghai Baosteel and Amcor PLC 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 Shanghai Baosteel with a short position of Amcor PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Baosteel and Amcor PLC.

Diversification Opportunities for Shanghai Baosteel and Amcor PLC

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Shanghai and Amcor is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Baosteel Packaging and Amcor PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amcor PLC and Shanghai Baosteel 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 Shanghai Baosteel Packaging are associated (or correlated) with Amcor PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amcor PLC has no effect on the direction of Shanghai Baosteel i.e., Shanghai Baosteel and Amcor PLC go up and down completely randomly.

Pair Corralation between Shanghai Baosteel and Amcor PLC

If you would invest  835.00  in Amcor PLC on August 16, 2025 and sell it today you would earn a total of  13.00  from holding Amcor PLC or generate 1.56% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Shanghai Baosteel Packaging  vs.  Amcor PLC

 Performance 
       Timeline  
Shanghai Baosteel 

Risk-Adjusted Performance

Fair

 
Weak
 
Strong
Over the last 90 days Shanghai Baosteel Packaging has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Shanghai Baosteel is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
Amcor PLC 

Risk-Adjusted Performance

Weak

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Amcor PLC are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Even with relatively invariable fundamental indicators, Amcor PLC is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.

Shanghai Baosteel and Amcor PLC Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Shanghai Baosteel and Amcor PLC

The main advantage of trading using opposite Shanghai Baosteel and Amcor PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Baosteel position performs unexpectedly, Amcor PLC 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 Amcor PLC will offset losses from the drop in Amcor PLC's long position.
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The idea behind Shanghai Baosteel Packaging and Amcor PLC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .

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