Correlation Between Yunnan Yuntou and Harbin Air
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By analyzing existing cross correlation between Yunnan Yuntou Ecology and Harbin Air Conditioning, you can compare the effects of market volatilities on Yunnan Yuntou and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Yuntou and Harbin Air.
Diversification Opportunities for Yunnan Yuntou and Harbin Air
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yunnan and Harbin is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Yuntou Ecology and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Yunnan Yuntou i.e., Yunnan Yuntou and Harbin Air go up and down completely randomly.
Pair Corralation between Yunnan Yuntou and Harbin Air
Assuming the 90 days trading horizon Yunnan Yuntou Ecology is expected to generate 0.84 times more return on investment than Harbin Air. However, Yunnan Yuntou Ecology is 1.19 times less risky than Harbin Air. It trades about 0.17 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.07 per unit of risk. If you would invest 599.00 in Yunnan Yuntou Ecology on September 1, 2024 and sell it today you would earn a total of 43.00 from holding Yunnan Yuntou Ecology or generate 7.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Yunnan Yuntou Ecology vs. Harbin Air Conditioning
Performance |
| Timeline |
| Yunnan Yuntou Ecology |
| Harbin Air Conditioning |
Yunnan Yuntou and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Yuntou and Harbin Air
The main advantage of trading using opposite Yunnan Yuntou and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Yuntou position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Yunnan Yuntou vs. Zhuhai Comleader Information | Yunnan Yuntou vs. Invengo Information Technology | Yunnan Yuntou vs. Digital China Information | Yunnan Yuntou vs. Emdoor Information Co |
| Harbin Air vs. Industrial and Commercial | Harbin Air vs. Agricultural Bank of | Harbin Air vs. China Construction Bank | Harbin Air 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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