Correlation Between Chengdu Xingrong and Yunnan Jianzhijia
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By analyzing existing cross correlation between Chengdu Xingrong Investment and Yunnan Jianzhijia Health Chain, you can compare the effects of market volatilities on Chengdu Xingrong and Yunnan Jianzhijia 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 Chengdu Xingrong with a short position of Yunnan Jianzhijia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Xingrong and Yunnan Jianzhijia.
Diversification Opportunities for Chengdu Xingrong and Yunnan Jianzhijia
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Chengdu and Yunnan is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Xingrong Investment and Yunnan Jianzhijia Health Chain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Jianzhijia and Chengdu Xingrong 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 Chengdu Xingrong Investment are associated (or correlated) with Yunnan Jianzhijia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Jianzhijia has no effect on the direction of Chengdu Xingrong i.e., Chengdu Xingrong and Yunnan Jianzhijia go up and down completely randomly.
Pair Corralation between Chengdu Xingrong and Yunnan Jianzhijia
Assuming the 90 days trading horizon Chengdu Xingrong Investment is expected to generate 0.49 times more return on investment than Yunnan Jianzhijia. However, Chengdu Xingrong Investment is 2.04 times less risky than Yunnan Jianzhijia. It trades about -0.02 of its potential returns per unit of risk. Yunnan Jianzhijia Health Chain is currently generating about -0.26 per unit of risk. If you would invest 713.00 in Chengdu Xingrong Investment on October 11, 2024 and sell it today you would lose (7.00) from holding Chengdu Xingrong Investment or give up 0.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Xingrong Investment vs. Yunnan Jianzhijia Health Chain
Performance |
| Timeline |
| Chengdu Xingrong Inv |
| Yunnan Jianzhijia |
Chengdu Xingrong and Yunnan Jianzhijia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Xingrong and Yunnan Jianzhijia
The main advantage of trading using opposite Chengdu Xingrong and Yunnan Jianzhijia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Xingrong position performs unexpectedly, Yunnan Jianzhijia 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 Yunnan Jianzhijia will offset losses from the drop in Yunnan Jianzhijia's long position.| Chengdu Xingrong vs. Innovative Medical Management | Chengdu Xingrong vs. Southchip Semiconductor Technology | Chengdu Xingrong vs. CICC Fund Management | Chengdu Xingrong vs. Everdisplay Optronics Shanghai |
| Yunnan Jianzhijia vs. Shenzhen Noposion Agrochemicals | Yunnan Jianzhijia vs. Jiangsu Financial Leasing | Yunnan Jianzhijia vs. Chengdu Xingrong Investment | Yunnan Jianzhijia vs. Postal Savings Bank |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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