Correlation Between Yankershop Food and Xizi Clean
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By analyzing existing cross correlation between Yankershop Food Co and Xizi Clean Energy, you can compare the effects of market volatilities on Yankershop Food and Xizi Clean 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 Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Xizi Clean.
Diversification Opportunities for Yankershop Food and Xizi Clean
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yankershop and Xizi is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy 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 Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Yankershop Food i.e., Yankershop Food and Xizi Clean go up and down completely randomly.
Pair Corralation between Yankershop Food and Xizi Clean
Assuming the 90 days trading horizon Yankershop Food Co is expected to under-perform the Xizi Clean. But the stock apears to be less risky and, when comparing its historical volatility, Yankershop Food Co is 1.53 times less risky than Xizi Clean. The stock trades about -0.42 of its potential returns per unit of risk. The Xizi Clean Energy is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 1,079 in Xizi Clean Energy on November 3, 2024 and sell it today you would earn a total of 146.00 from holding Xizi Clean Energy or generate 13.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yankershop Food Co vs. Xizi Clean Energy
Performance |
| Timeline |
| Yankershop Food |
| Xizi Clean Energy |
Yankershop Food and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and Xizi Clean
The main advantage of trading using opposite Yankershop Food and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.| Yankershop Food vs. China Longyuan Power | Yankershop Food vs. PetroChina Co Ltd | Yankershop Food vs. Guangxi Guiguan Electric | Yankershop Food vs. Yantai North Andre |
| Xizi Clean vs. Agricultural Bank of | Xizi Clean vs. Industrial and Commercial | Xizi Clean vs. Bank of China | Xizi Clean vs. PetroChina Co Ltd |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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