Correlation Between Ningxia Younglight and Soyea Technology
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By analyzing existing cross correlation between Ningxia Younglight Chemicals and Soyea Technology Co, you can compare the effects of market volatilities on Ningxia Younglight and Soyea Technology 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 Ningxia Younglight with a short position of Soyea Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningxia Younglight and Soyea Technology.
Diversification Opportunities for Ningxia Younglight and Soyea Technology
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningxia and Soyea is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Ningxia Younglight Chemicals and Soyea Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Soyea Technology and Ningxia Younglight 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 Ningxia Younglight Chemicals are associated (or correlated) with Soyea Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Soyea Technology has no effect on the direction of Ningxia Younglight i.e., Ningxia Younglight and Soyea Technology go up and down completely randomly.
Pair Corralation between Ningxia Younglight and Soyea Technology
Assuming the 90 days trading horizon Ningxia Younglight Chemicals is expected to generate 1.17 times more return on investment than Soyea Technology. However, Ningxia Younglight is 1.17 times more volatile than Soyea Technology Co. It trades about 0.0 of its potential returns per unit of risk. Soyea Technology Co is currently generating about -0.04 per unit of risk. If you would invest 911.00 in Ningxia Younglight Chemicals on October 16, 2024 and sell it today you would lose (184.00) from holding Ningxia Younglight Chemicals or give up 20.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningxia Younglight Chemicals vs. Soyea Technology Co
Performance |
| Timeline |
| Ningxia Younglight |
| Soyea Technology |
Ningxia Younglight and Soyea Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningxia Younglight and Soyea Technology
The main advantage of trading using opposite Ningxia Younglight and Soyea Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningxia Younglight position performs unexpectedly, Soyea Technology 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 Soyea Technology will offset losses from the drop in Soyea Technology's long position.| Ningxia Younglight vs. Shanghai Yanpu Metal | Ningxia Younglight vs. Zhongzhu Medical Holdings | Ningxia Younglight vs. Rising Nonferrous Metals | Ningxia Younglight vs. Shenzhen Glory Medical |
| Soyea Technology vs. Ningxia Younglight Chemicals | Soyea Technology vs. Xinya Electronic Co | Soyea Technology vs. Xinxiang Chemical Fiber | Soyea Technology vs. Maoming Petro Chemical Shihua |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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