Correlation Between Yankershop Food and Beijing Zhidemai
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By analyzing existing cross correlation between Yankershop Food Co and Beijing Zhidemai Technology, you can compare the effects of market volatilities on Yankershop Food and Beijing Zhidemai 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 Beijing Zhidemai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Beijing Zhidemai.
Diversification Opportunities for Yankershop Food and Beijing Zhidemai
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Yankershop and Beijing is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Beijing Zhidemai Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Zhidemai Tec 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 Beijing Zhidemai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Zhidemai Tec has no effect on the direction of Yankershop Food i.e., Yankershop Food and Beijing Zhidemai go up and down completely randomly.
Pair Corralation between Yankershop Food and Beijing Zhidemai
Assuming the 90 days trading horizon Yankershop Food Co is expected to generate 0.51 times more return on investment than Beijing Zhidemai. However, Yankershop Food Co is 1.96 times less risky than Beijing Zhidemai. It trades about 0.31 of its potential returns per unit of risk. Beijing Zhidemai Technology is currently generating about -0.09 per unit of risk. If you would invest 5,073 in Yankershop Food Co on December 1, 2024 and sell it today you would earn a total of 622.00 from holding Yankershop Food Co or generate 12.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
Yankershop Food Co vs. Beijing Zhidemai Technology
Performance |
| Timeline |
| Yankershop Food |
| Beijing Zhidemai Tec |
Yankershop Food and Beijing Zhidemai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and Beijing Zhidemai
The main advantage of trading using opposite Yankershop Food and Beijing Zhidemai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Beijing Zhidemai 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 Beijing Zhidemai will offset losses from the drop in Beijing Zhidemai's long position.| Yankershop Food vs. Soochow Suzhou Industrial | Yankershop Food vs. Sichuan Fulin Transportation | Yankershop Food vs. Suzhou Industrial Park | Yankershop Food vs. Sportsoul Co Ltd |
| Beijing Zhidemai vs. Shengda Mining Co | Beijing Zhidemai vs. JCHX Mining Management | Beijing Zhidemai vs. Tianjin Silvery Dragon | Beijing Zhidemai vs. Guocheng Mining Co |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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