Correlation Between PKU HealthCare and Youyou Foods
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By analyzing existing cross correlation between PKU HealthCare Corp and Youyou Foods Co, you can compare the effects of market volatilities on PKU HealthCare and Youyou Foods 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 PKU HealthCare with a short position of Youyou Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of PKU HealthCare and Youyou Foods.
Diversification Opportunities for PKU HealthCare and Youyou Foods
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between PKU and Youyou is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding PKU HealthCare Corp and Youyou Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youyou Foods and PKU HealthCare 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 PKU HealthCare Corp are associated (or correlated) with Youyou Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youyou Foods has no effect on the direction of PKU HealthCare i.e., PKU HealthCare and Youyou Foods go up and down completely randomly.
Pair Corralation between PKU HealthCare and Youyou Foods
Assuming the 90 days trading horizon PKU HealthCare Corp is expected to under-perform the Youyou Foods. But the stock apears to be less risky and, when comparing its historical volatility, PKU HealthCare Corp is 1.1 times less risky than Youyou Foods. The stock trades about -0.01 of its potential returns per unit of risk. The Youyou Foods Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 900.00 in Youyou Foods Co on October 27, 2024 and sell it today you would earn a total of 97.00 from holding Youyou Foods Co or generate 10.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PKU HealthCare Corp vs. Youyou Foods Co
Performance |
| Timeline |
| PKU HealthCare Corp |
| Youyou Foods |
PKU HealthCare and Youyou Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PKU HealthCare and Youyou Foods
The main advantage of trading using opposite PKU HealthCare and Youyou Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PKU HealthCare position performs unexpectedly, Youyou Foods 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 Youyou Foods will offset losses from the drop in Youyou Foods' long position.| PKU HealthCare vs. Hainan Mining Co | PKU HealthCare vs. Tibet Huayu Mining | PKU HealthCare vs. Guangzhou Automobile Group | PKU HealthCare vs. Dongfeng Automobile Co |
| Youyou Foods vs. Kweichow Moutai Co | Youyou Foods vs. Contemporary Amperex Technology | Youyou Foods vs. G bits Network Technology | Youyou Foods 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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