Correlation Between Guangdong Jingyi and Yankershop Food
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Yankershop Food Co, you can compare the effects of market volatilities on Guangdong Jingyi 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 Guangdong Jingyi with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Yankershop Food.
Diversification Opportunities for Guangdong Jingyi and Yankershop Food
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guangdong and Yankershop is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Guangdong Jingyi 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 Guangdong Jingyi Metal 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 Guangdong Jingyi i.e., Guangdong Jingyi and Yankershop Food go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Yankershop Food
Assuming the 90 days trading horizon Guangdong Jingyi Metal is expected to under-perform the Yankershop Food. In addition to that, Guangdong Jingyi is 1.06 times more volatile than Yankershop Food Co. It trades about -0.23 of its total potential returns per unit of risk. Yankershop Food Co is currently generating about 0.18 per unit of volatility. If you would invest 5,297 in Yankershop Food Co on October 11, 2024 and sell it today you would earn a total of 603.00 from holding Yankershop Food Co or generate 11.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Yankershop Food Co
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Yankershop Food |
Guangdong Jingyi and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Yankershop Food
The main advantage of trading using opposite Guangdong Jingyi and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi 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.| Guangdong Jingyi vs. Heren Health Co | Guangdong Jingyi vs. Jiugui Liquor Co | Guangdong Jingyi vs. Hangzhou Minsheng Healthcare | Guangdong Jingyi vs. Shandong Sinoglory Health |
| Yankershop Food vs. Qingdao Choho Industrial | Yankershop Food vs. Jiangxi Naipu Mining | Yankershop Food vs. Guangdong Jingyi Metal | Yankershop Food vs. Western Metal Materials |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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