Correlation Between HaiXin Foods and Yonyou Auto
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By analyzing existing cross correlation between HaiXin Foods Co and Yonyou Auto Information, you can compare the effects of market volatilities on HaiXin Foods and Yonyou Auto 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 HaiXin Foods with a short position of Yonyou Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Yonyou Auto.
Diversification Opportunities for HaiXin Foods and Yonyou Auto
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between HaiXin and Yonyou is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Yonyou Auto Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonyou Auto Information and HaiXin Foods 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 HaiXin Foods Co are associated (or correlated) with Yonyou Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonyou Auto Information has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Yonyou Auto go up and down completely randomly.
Pair Corralation between HaiXin Foods and Yonyou Auto
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the Yonyou Auto. In addition to that, HaiXin Foods is 1.06 times more volatile than Yonyou Auto Information. It trades about -0.03 of its total potential returns per unit of risk. Yonyou Auto Information is currently generating about -0.01 per unit of volatility. If you would invest 2,408 in Yonyou Auto Information on September 4, 2024 and sell it today you would lose (394.00) from holding Yonyou Auto Information or give up 16.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Yonyou Auto Information
Performance |
| Timeline |
| HaiXin Foods |
| Yonyou Auto Information |
HaiXin Foods and Yonyou Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Yonyou Auto
The main advantage of trading using opposite HaiXin Foods and Yonyou Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Yonyou Auto 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 Yonyou Auto will offset losses from the drop in Yonyou Auto's long position.| HaiXin Foods vs. Poly Real Estate | HaiXin Foods vs. China Vanke Co | HaiXin Foods vs. China Merchants Shekou | HaiXin Foods vs. Huafa Industrial Co |
| Yonyou Auto vs. Shenzhen Bioeasy Biotechnology | Yonyou Auto vs. HaiXin Foods Co | Yonyou Auto vs. Ligao Foods CoLtd | Yonyou Auto vs. Guangdong Wens Foodstuff |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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