Correlation Between Advanced Technology and Youngy Health
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By analyzing existing cross correlation between Advanced Technology Materials and Youngy Health Co, you can compare the effects of market volatilities on Advanced Technology and Youngy Health 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 Advanced Technology with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advanced Technology and Youngy Health.
Diversification Opportunities for Advanced Technology and Youngy Health
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Advanced and Youngy is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Advanced Technology Materials and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and Advanced Technology 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 Advanced Technology Materials are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Advanced Technology i.e., Advanced Technology and Youngy Health go up and down completely randomly.
Pair Corralation between Advanced Technology and Youngy Health
Assuming the 90 days trading horizon Advanced Technology Materials is expected to generate 0.85 times more return on investment than Youngy Health. However, Advanced Technology Materials is 1.18 times less risky than Youngy Health. It trades about 0.04 of its potential returns per unit of risk. Youngy Health Co is currently generating about 0.01 per unit of risk. If you would invest 820.00 in Advanced Technology Materials on October 11, 2024 and sell it today you would earn a total of 263.00 from holding Advanced Technology Materials or generate 32.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Advanced Technology Materials vs. Youngy Health Co
Performance |
| Timeline |
| Advanced Technology |
| Youngy Health |
Advanced Technology and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Advanced Technology and Youngy Health
The main advantage of trading using opposite Advanced Technology and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Advanced Technology position performs unexpectedly, Youngy Health 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| Advanced Technology vs. Hefei Metalforming Mach | Advanced Technology vs. Qijing Machinery | Advanced Technology vs. Gifore Agricultural Machinery | Advanced Technology vs. Chengtun Mining Group |
| Youngy Health vs. Aluminum Corp of | Youngy Health vs. Western Metal Materials | Youngy Health vs. Jilin OLED Material | Youngy Health vs. Advanced Technology Materials |
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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