Correlation Between Xiangyang Automobile and Yankershop Food
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By analyzing existing cross correlation between Xiangyang Automobile Bearing and Yankershop Food Co, you can compare the effects of market volatilities on Xiangyang Automobile and Yankershop Food 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 Xiangyang Automobile with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyang Automobile and Yankershop Food.
Diversification Opportunities for Xiangyang Automobile and Yankershop Food
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xiangyang and Yankershop is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyang Automobile Bearing and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Xiangyang Automobile 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 Xiangyang Automobile Bearing are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Xiangyang Automobile i.e., Xiangyang Automobile and Yankershop Food go up and down completely randomly.
Pair Corralation between Xiangyang Automobile and Yankershop Food
Assuming the 90 days trading horizon Xiangyang Automobile Bearing is expected to generate 1.78 times more return on investment than Yankershop Food. However, Xiangyang Automobile is 1.78 times more volatile than Yankershop Food Co. It trades about 0.03 of its potential returns per unit of risk. Yankershop Food Co is currently generating about -0.2 per unit of risk. If you would invest 636.00 in Xiangyang Automobile Bearing on October 26, 2024 and sell it today you would earn a total of 5.00 from holding Xiangyang Automobile Bearing or generate 0.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyang Automobile Bearing vs. Yankershop Food Co
Performance |
| Timeline |
| Xiangyang Automobile |
| Yankershop Food |
Xiangyang Automobile and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyang Automobile and Yankershop Food
The main advantage of trading using opposite Xiangyang Automobile and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyang Automobile position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| Xiangyang Automobile vs. Kweichow Moutai Co | Xiangyang Automobile vs. Jiangsu Pacific Quartz | Xiangyang Automobile vs. Shenzhen Transsion Holdings | Xiangyang Automobile vs. Beijing Roborock Technology |
| Yankershop Food vs. Kweichow Moutai Co | Yankershop Food vs. Contemporary Amperex Technology | Yankershop Food vs. G bits Network Technology | Yankershop Food vs. Beijing Roborock Technology |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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