Correlation Between Shenzhen Topway and Yankershop Food
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By analyzing existing cross correlation between Shenzhen Topway Video and Yankershop Food Co, you can compare the effects of market volatilities on Shenzhen Topway and Yankershop Food 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 Shenzhen Topway with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Topway and Yankershop Food.
Diversification Opportunities for Shenzhen Topway and Yankershop Food
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenzhen and Yankershop is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Topway Video and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Shenzhen Topway 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 Shenzhen Topway Video are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Shenzhen Topway i.e., Shenzhen Topway and Yankershop Food go up and down completely randomly.
Pair Corralation between Shenzhen Topway and Yankershop Food
Assuming the 90 days trading horizon Shenzhen Topway Video is expected to generate 1.22 times more return on investment than Yankershop Food. However, Shenzhen Topway is 1.22 times more volatile than Yankershop Food Co. It trades about 0.16 of its potential returns per unit of risk. Yankershop Food Co is currently generating about 0.18 per unit of risk. If you would invest 728.00 in Shenzhen Topway Video on August 30, 2024 and sell it today you would earn a total of 252.00 from holding Shenzhen Topway Video or generate 34.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Topway Video vs. Yankershop Food Co
Performance |
| Timeline |
| Shenzhen Topway Video |
| Yankershop Food |
Shenzhen Topway and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Topway and Yankershop Food
The main advantage of trading using opposite Shenzhen Topway and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Topway position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| Shenzhen Topway vs. Zoje Resources Investment | Shenzhen Topway vs. Wuhan Yangtze Communication | Shenzhen Topway vs. Allwin Telecommunication Co | Shenzhen Topway vs. Metro Investment Development |
| Yankershop Food vs. Guosheng Financial Holding | Yankershop Food vs. Xiamen Bank Co | Yankershop Food vs. Guangzhou Automobile Group | Yankershop Food vs. Zhejiang Qianjiang Motorcycle |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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