Correlation Between Yankershop Food and Shenzhen MYS
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By analyzing existing cross correlation between Yankershop Food Co and Shenzhen MYS Environmental, you can compare the effects of market volatilities on Yankershop Food and Shenzhen MYS 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 Yankershop Food with a short position of Shenzhen MYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Shenzhen MYS.
Diversification Opportunities for Yankershop Food and Shenzhen MYS
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Yankershop and Shenzhen is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Shenzhen MYS Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MYS Environ and Yankershop Food 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 Yankershop Food Co are associated (or correlated) with Shenzhen MYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MYS Environ has no effect on the direction of Yankershop Food i.e., Yankershop Food and Shenzhen MYS go up and down completely randomly.
Pair Corralation between Yankershop Food and Shenzhen MYS
Assuming the 90 days trading horizon Yankershop Food Co is expected to generate 1.04 times more return on investment than Shenzhen MYS. However, Yankershop Food is 1.04 times more volatile than Shenzhen MYS Environmental. It trades about 0.18 of its potential returns per unit of risk. Shenzhen MYS Environmental is currently generating about 0.05 per unit of risk. If you would invest 5,058 in Yankershop Food Co on January 30, 2025 and sell it today you would earn a total of 3,922 from holding Yankershop Food Co or generate 77.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yankershop Food Co vs. Shenzhen MYS Environmental
Performance |
| Timeline |
| Yankershop Food |
| Shenzhen MYS Environ |
Yankershop Food and Shenzhen MYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and Shenzhen MYS
The main advantage of trading using opposite Yankershop Food and Shenzhen MYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Shenzhen MYS 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 Shenzhen MYS will offset losses from the drop in Shenzhen MYS's long position.| Yankershop Food vs. Dosilicon Co | Yankershop Food vs. Do Fluoride Chemicals Co | Yankershop Food vs. Hengli Petrochemical Co | Yankershop Food vs. Jilin Chemical Fibre |
| Shenzhen MYS vs. Orinko Advanced Plastics | Shenzhen MYS vs. Wankai New Materials | Shenzhen MYS vs. Shanghai Phichem Material | Shenzhen MYS vs. Ningbo Tip Rubber |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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