Correlation Between Shenzhen Topway and Yifeng Pharmacy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen Topway Video and Yifeng Pharmacy, you can compare the effects of market volatilities on Shenzhen Topway and Yifeng Pharmacy 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 Yifeng Pharmacy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Topway and Yifeng Pharmacy.
Diversification Opportunities for Shenzhen Topway and Yifeng Pharmacy
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Yifeng is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Topway Video and Yifeng Pharmacy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yifeng Pharmacy 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 Yifeng Pharmacy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yifeng Pharmacy has no effect on the direction of Shenzhen Topway i.e., Shenzhen Topway and Yifeng Pharmacy go up and down completely randomly.
Pair Corralation between Shenzhen Topway and Yifeng Pharmacy
Assuming the 90 days trading horizon Shenzhen Topway Video is expected to generate 2.4 times more return on investment than Yifeng Pharmacy. However, Shenzhen Topway is 2.4 times more volatile than Yifeng Pharmacy. It trades about 0.15 of its potential returns per unit of risk. Yifeng Pharmacy is currently generating about -0.21 per unit of risk. If you would invest 927.00 in Shenzhen Topway Video on September 13, 2024 and sell it today you would earn a total of 123.00 from holding Shenzhen Topway Video or generate 13.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Topway Video vs. Yifeng Pharmacy
Performance |
| Timeline |
| Shenzhen Topway Video |
| Yifeng Pharmacy |
Shenzhen Topway and Yifeng Pharmacy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Topway and Yifeng Pharmacy
The main advantage of trading using opposite Shenzhen Topway and Yifeng Pharmacy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Topway position performs unexpectedly, Yifeng Pharmacy 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 Yifeng Pharmacy will offset losses from the drop in Yifeng Pharmacy's long position.| Shenzhen Topway vs. Hua Xia Bank | Shenzhen Topway vs. GigaDevice SemiconductorBeiji | Shenzhen Topway vs. Mango Excellent Media | Shenzhen Topway vs. GRINM Semiconductor Materials |
| Yifeng Pharmacy vs. China Construction Bank | Yifeng Pharmacy vs. Ping An Insurance | Yifeng Pharmacy vs. LianChuang Electronic Technology | Yifeng Pharmacy vs. YiDong Electronics Technology |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |