Correlation Between Anhui Huilong and Youyou Foods
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By analyzing existing cross correlation between Anhui Huilong Agricultural and Youyou Foods Co, you can compare the effects of market volatilities on Anhui Huilong and Youyou Foods 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 Anhui Huilong with a short position of Youyou Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Huilong and Youyou Foods.
Diversification Opportunities for Anhui Huilong and Youyou Foods
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Anhui and Youyou is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Huilong Agricultural and Youyou Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youyou Foods and Anhui Huilong 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 Anhui Huilong Agricultural are associated (or correlated) with Youyou Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youyou Foods has no effect on the direction of Anhui Huilong i.e., Anhui Huilong and Youyou Foods go up and down completely randomly.
Pair Corralation between Anhui Huilong and Youyou Foods
Assuming the 90 days trading horizon Anhui Huilong Agricultural is expected to under-perform the Youyou Foods. But the stock apears to be less risky and, when comparing its historical volatility, Anhui Huilong Agricultural is 1.37 times less risky than Youyou Foods. The stock trades about -0.2 of its potential returns per unit of risk. The Youyou Foods Co is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 1,018 in Youyou Foods Co on October 28, 2024 and sell it today you would lose (21.00) from holding Youyou Foods Co or give up 2.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Huilong Agricultural vs. Youyou Foods Co
Performance |
| Timeline |
| Anhui Huilong Agricu |
| Youyou Foods |
Anhui Huilong and Youyou Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Huilong and Youyou Foods
The main advantage of trading using opposite Anhui Huilong and Youyou Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Huilong position performs unexpectedly, Youyou Foods 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 Youyou Foods will offset losses from the drop in Youyou Foods' long position.| Anhui Huilong vs. Zijin Mining Group | Anhui Huilong vs. Wanhua Chemical Group | Anhui Huilong vs. Baoshan Iron Steel | Anhui Huilong vs. Shandong Gold Mining |
| Youyou Foods vs. Kweichow Moutai Co | Youyou Foods vs. Contemporary Amperex Technology | Youyou Foods vs. G bits Network Technology | Youyou Foods vs. Beijing Roborock 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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