Correlation Between Yunnan Yuntou and PKU HealthCare
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By analyzing existing cross correlation between Yunnan Yuntou Ecology and PKU HealthCare Corp, you can compare the effects of market volatilities on Yunnan Yuntou and PKU HealthCare 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 Yunnan Yuntou with a short position of PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Yuntou and PKU HealthCare.
Diversification Opportunities for Yunnan Yuntou and PKU HealthCare
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yunnan and PKU is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Yuntou Ecology and PKU HealthCare Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKU HealthCare Corp and Yunnan Yuntou 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 Yunnan Yuntou Ecology are associated (or correlated) with PKU HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKU HealthCare Corp has no effect on the direction of Yunnan Yuntou i.e., Yunnan Yuntou and PKU HealthCare go up and down completely randomly.
Pair Corralation between Yunnan Yuntou and PKU HealthCare
Assuming the 90 days trading horizon Yunnan Yuntou Ecology is expected to generate 0.86 times more return on investment than PKU HealthCare. However, Yunnan Yuntou Ecology is 1.17 times less risky than PKU HealthCare. It trades about 0.22 of its potential returns per unit of risk. PKU HealthCare Corp is currently generating about 0.02 per unit of risk. If you would invest 556.00 in Yunnan Yuntou Ecology on August 25, 2024 and sell it today you would earn a total of 62.00 from holding Yunnan Yuntou Ecology or generate 11.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Yuntou Ecology vs. PKU HealthCare Corp
Performance |
| Timeline |
| Yunnan Yuntou Ecology |
| PKU HealthCare Corp |
Yunnan Yuntou and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Yuntou and PKU HealthCare
The main advantage of trading using opposite Yunnan Yuntou and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Yuntou position performs unexpectedly, PKU HealthCare 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 PKU HealthCare will offset losses from the drop in PKU HealthCare's long position.| Yunnan Yuntou vs. Fiberhome Telecommunication Technologies | Yunnan Yuntou vs. Wuhan Yangtze Communication | Yunnan Yuntou vs. Shenzhen Clou Electronics | Yunnan Yuntou vs. Hangzhou Weiguang Electronic |
| PKU HealthCare vs. Industrial and Commercial | PKU HealthCare vs. Agricultural Bank of | PKU HealthCare vs. China Construction Bank | PKU HealthCare vs. Bank of China |
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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