Correlation Between Wanda Cinema and Yili Chuanning
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By analyzing existing cross correlation between Wanda Cinema Line and Yili Chuanning Biotechnology, you can compare the effects of market volatilities on Wanda Cinema and Yili Chuanning 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 Wanda Cinema with a short position of Yili Chuanning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wanda Cinema and Yili Chuanning.
Diversification Opportunities for Wanda Cinema and Yili Chuanning
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Wanda and Yili is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Wanda Cinema Line and Yili Chuanning Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yili Chuanning Biote and Wanda Cinema 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 Wanda Cinema Line are associated (or correlated) with Yili Chuanning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yili Chuanning Biote has no effect on the direction of Wanda Cinema i.e., Wanda Cinema and Yili Chuanning go up and down completely randomly.
Pair Corralation between Wanda Cinema and Yili Chuanning
Assuming the 90 days trading horizon Wanda Cinema is expected to generate 3.19 times less return on investment than Yili Chuanning. But when comparing it to its historical volatility, Wanda Cinema Line is 1.34 times less risky than Yili Chuanning. It trades about 0.02 of its potential returns per unit of risk. Yili Chuanning Biotechnology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 914.00 in Yili Chuanning Biotechnology on September 14, 2024 and sell it today you would earn a total of 436.00 from holding Yili Chuanning Biotechnology or generate 47.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.62% |
| Values | Daily Returns |
Wanda Cinema Line vs. Yili Chuanning Biotechnology
Performance |
| Timeline |
| Wanda Cinema Line |
| Yili Chuanning Biote |
Wanda Cinema and Yili Chuanning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wanda Cinema and Yili Chuanning
The main advantage of trading using opposite Wanda Cinema and Yili Chuanning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wanda Cinema position performs unexpectedly, Yili Chuanning 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 Yili Chuanning will offset losses from the drop in Yili Chuanning's long position.| Wanda Cinema vs. Heren Health Co | Wanda Cinema vs. Qingdao Foods Co | Wanda Cinema vs. Jiajia Food Group | Wanda Cinema vs. Xinjiang Tianrun Dairy |
| Yili Chuanning vs. Industrial and Commercial | Yili Chuanning vs. China Construction Bank | Yili Chuanning vs. Bank of China | Yili Chuanning vs. Agricultural Bank of |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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