Correlation Between Beijing Yanjing and AUPU Home
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By analyzing existing cross correlation between Beijing Yanjing Brewery and AUPU Home Style, you can compare the effects of market volatilities on Beijing Yanjing and AUPU Home 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 Beijing Yanjing with a short position of AUPU Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Yanjing and AUPU Home.
Diversification Opportunities for Beijing Yanjing and AUPU Home
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and AUPU is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Yanjing Brewery and AUPU Home Style in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AUPU Home Style and Beijing Yanjing 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 Beijing Yanjing Brewery are associated (or correlated) with AUPU Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AUPU Home Style has no effect on the direction of Beijing Yanjing i.e., Beijing Yanjing and AUPU Home go up and down completely randomly.
Pair Corralation between Beijing Yanjing and AUPU Home
Assuming the 90 days trading horizon Beijing Yanjing Brewery is expected to generate 0.72 times more return on investment than AUPU Home. However, Beijing Yanjing Brewery is 1.39 times less risky than AUPU Home. It trades about 0.11 of its potential returns per unit of risk. AUPU Home Style is currently generating about -0.14 per unit of risk. If you would invest 1,131 in Beijing Yanjing Brewery on October 21, 2024 and sell it today you would earn a total of 38.00 from holding Beijing Yanjing Brewery or generate 3.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Yanjing Brewery vs. AUPU Home Style
Performance |
| Timeline |
| Beijing Yanjing Brewery |
| AUPU Home Style |
Beijing Yanjing and AUPU Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Yanjing and AUPU Home
The main advantage of trading using opposite Beijing Yanjing and AUPU Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Yanjing position performs unexpectedly, AUPU Home 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 AUPU Home will offset losses from the drop in AUPU Home's long position.| Beijing Yanjing vs. Jointo Energy Investment | Beijing Yanjing vs. Jahen Household Products | Beijing Yanjing vs. Hunan Investment Group | Beijing Yanjing vs. Chahua Modern Housewares |
| AUPU Home vs. Guangzhou Zhujiang Brewery | AUPU Home vs. Ningbo Jintian Copper | AUPU Home vs. Beijing Yanjing Brewery | AUPU Home vs. North Copper Shanxi |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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