Correlation Between Yunnan Xiyi and Lonkey Industrial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yunnan Xiyi Industrial and Lonkey Industrial Co, you can compare the effects of market volatilities on Yunnan Xiyi and Lonkey Industrial 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 Xiyi with a short position of Lonkey Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Xiyi and Lonkey Industrial.
Diversification Opportunities for Yunnan Xiyi and Lonkey Industrial
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yunnan and Lonkey is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Xiyi Industrial and Lonkey Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lonkey Industrial and Yunnan Xiyi 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 Xiyi Industrial are associated (or correlated) with Lonkey Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lonkey Industrial has no effect on the direction of Yunnan Xiyi i.e., Yunnan Xiyi and Lonkey Industrial go up and down completely randomly.
Pair Corralation between Yunnan Xiyi and Lonkey Industrial
Assuming the 90 days trading horizon Yunnan Xiyi Industrial is expected to generate 1.22 times more return on investment than Lonkey Industrial. However, Yunnan Xiyi is 1.22 times more volatile than Lonkey Industrial Co. It trades about 0.02 of its potential returns per unit of risk. Lonkey Industrial Co is currently generating about 0.0 per unit of risk. If you would invest 1,118 in Yunnan Xiyi Industrial on September 3, 2024 and sell it today you would earn a total of 21.00 from holding Yunnan Xiyi Industrial or generate 1.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Xiyi Industrial vs. Lonkey Industrial Co
Performance |
| Timeline |
| Yunnan Xiyi Industrial |
| Lonkey Industrial |
Yunnan Xiyi and Lonkey Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Xiyi and Lonkey Industrial
The main advantage of trading using opposite Yunnan Xiyi and Lonkey Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Xiyi position performs unexpectedly, Lonkey Industrial 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 Lonkey Industrial will offset losses from the drop in Lonkey Industrial's long position.| Yunnan Xiyi vs. Anhui Huilong Agricultural | Yunnan Xiyi vs. Huasi Agricultural Development | Yunnan Xiyi vs. Shantui Construction Machinery | Yunnan Xiyi vs. Sinomach General Machinery |
| Lonkey Industrial vs. Chengdu Spaceon Electronics | Lonkey Industrial vs. Sinosteel Luonai Materials | Lonkey Industrial vs. JCHX Mining Management | Lonkey Industrial vs. King Strong New Material |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |