Correlation Between Yankershop Food and Shenzhen Kexin
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By analyzing existing cross correlation between Yankershop Food Co and Shenzhen Kexin Communication, you can compare the effects of market volatilities on Yankershop Food and Shenzhen Kexin 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 Kexin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Shenzhen Kexin.
Diversification Opportunities for Yankershop Food and Shenzhen Kexin
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yankershop and Shenzhen is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Shenzhen Kexin Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Kexin Commu 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 Kexin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Kexin Commu has no effect on the direction of Yankershop Food i.e., Yankershop Food and Shenzhen Kexin go up and down completely randomly.
Pair Corralation between Yankershop Food and Shenzhen Kexin
Assuming the 90 days trading horizon Yankershop Food is expected to generate 1.53 times less return on investment than Shenzhen Kexin. But when comparing it to its historical volatility, Yankershop Food Co is 1.52 times less risky than Shenzhen Kexin. It trades about 0.04 of its potential returns per unit of risk. Shenzhen Kexin Communication is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 985.00 in Shenzhen Kexin Communication on October 14, 2024 and sell it today you would earn a total of 173.00 from holding Shenzhen Kexin Communication or generate 17.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yankershop Food Co vs. Shenzhen Kexin Communication
Performance |
| Timeline |
| Yankershop Food |
| Shenzhen Kexin Commu |
Yankershop Food and Shenzhen Kexin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and Shenzhen Kexin
The main advantage of trading using opposite Yankershop Food and Shenzhen Kexin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Shenzhen Kexin 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 Kexin will offset losses from the drop in Shenzhen Kexin's long position.| Yankershop Food vs. Shandong Hongchuang Aluminum | Yankershop Food vs. Chongqing Shunbo Aluminum | Yankershop Food vs. Jiugui Liquor Co | Yankershop Food vs. Heilongjiang Transport Development |
| Shenzhen Kexin vs. RoadMain T Co | Shenzhen Kexin vs. Yankershop Food Co | Shenzhen Kexin vs. Eastroc Beverage Group | Shenzhen Kexin vs. Zhengping RoadBridge Constr |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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