Correlation Between Yunnan Xiyi and China Citic
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yunnan Xiyi Industrial and China Citic Bank, you can compare the effects of market volatilities on Yunnan Xiyi and China Citic 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 China Citic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Xiyi and China Citic.
Diversification Opportunities for Yunnan Xiyi and China Citic
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yunnan and China is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Xiyi Industrial and China Citic Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Citic Bank 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 China Citic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Citic Bank has no effect on the direction of Yunnan Xiyi i.e., Yunnan Xiyi and China Citic go up and down completely randomly.
Pair Corralation between Yunnan Xiyi and China Citic
Assuming the 90 days trading horizon Yunnan Xiyi Industrial is expected to under-perform the China Citic. In addition to that, Yunnan Xiyi is 3.56 times more volatile than China Citic Bank. It trades about -0.15 of its total potential returns per unit of risk. China Citic Bank is currently generating about 0.23 per unit of volatility. If you would invest 655.00 in China Citic Bank on December 1, 2024 and sell it today you would earn a total of 35.00 from holding China Citic Bank or generate 5.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Xiyi Industrial vs. China Citic Bank
Performance |
| Timeline |
| Yunnan Xiyi Industrial |
| China Citic Bank |
Yunnan Xiyi and China Citic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Xiyi and China Citic
The main advantage of trading using opposite Yunnan Xiyi and China Citic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Xiyi position performs unexpectedly, China Citic 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 China Citic will offset losses from the drop in China Citic's long position.| Yunnan Xiyi vs. Anji Foodstuff Co | Yunnan Xiyi vs. Guilin Seamild Foods | Yunnan Xiyi vs. Western Metal Materials | Yunnan Xiyi vs. Beijing Easpring Material |
| China Citic vs. Harbin Air Conditioning | China Citic vs. Shanghai Yanpu Metal | China Citic vs. Rising Nonferrous Metals | China Citic vs. Pengxin International Mining |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Stocks Directory Find actively traded stocks across global markets | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |