Correlation Between Tianjin Yiyi and Luyin Investment
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By analyzing existing cross correlation between Tianjin Yiyi Hygiene and Luyin Investment Group, you can compare the effects of market volatilities on Tianjin Yiyi and Luyin Investment 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 Tianjin Yiyi with a short position of Luyin Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Yiyi and Luyin Investment.
Diversification Opportunities for Tianjin Yiyi and Luyin Investment
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Tianjin and Luyin is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Yiyi Hygiene and Luyin Investment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Luyin Investment and Tianjin Yiyi 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 Tianjin Yiyi Hygiene are associated (or correlated) with Luyin Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Luyin Investment has no effect on the direction of Tianjin Yiyi i.e., Tianjin Yiyi and Luyin Investment go up and down completely randomly.
Pair Corralation between Tianjin Yiyi and Luyin Investment
Assuming the 90 days trading horizon Tianjin Yiyi Hygiene is expected to generate 1.72 times more return on investment than Luyin Investment. However, Tianjin Yiyi is 1.72 times more volatile than Luyin Investment Group. It trades about 0.17 of its potential returns per unit of risk. Luyin Investment Group is currently generating about 0.07 per unit of risk. If you would invest 1,599 in Tianjin Yiyi Hygiene on September 12, 2024 and sell it today you would earn a total of 194.00 from holding Tianjin Yiyi Hygiene or generate 12.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Yiyi Hygiene vs. Luyin Investment Group
Performance |
| Timeline |
| Tianjin Yiyi Hygiene |
| Luyin Investment |
Tianjin Yiyi and Luyin Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Yiyi and Luyin Investment
The main advantage of trading using opposite Tianjin Yiyi and Luyin Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Yiyi position performs unexpectedly, Luyin Investment 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 Luyin Investment will offset losses from the drop in Luyin Investment's long position.| Tianjin Yiyi vs. Nuode Investment Co | Tianjin Yiyi vs. Kunwu Jiuding Investment | Tianjin Yiyi vs. Harvest Fund Management | Tianjin Yiyi vs. Metro Investment Development |
| Luyin Investment vs. Zijin Mining Group | Luyin Investment vs. Wanhua Chemical Group | Luyin Investment vs. Baoshan Iron Steel | Luyin Investment vs. Rongsheng Petrochemical Co |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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