Correlation Between Yankershop Food and Jinsanjiang Silicon
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By analyzing existing cross correlation between Yankershop Food Co and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Yankershop Food and Jinsanjiang Silicon 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 Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Jinsanjiang Silicon.
Diversification Opportunities for Yankershop Food and Jinsanjiang Silicon
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Yankershop and Jinsanjiang is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon 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 Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Yankershop Food i.e., Yankershop Food and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Yankershop Food and Jinsanjiang Silicon
Assuming the 90 days trading horizon Yankershop Food Co is expected to generate 0.65 times more return on investment than Jinsanjiang Silicon. However, Yankershop Food Co is 1.54 times less risky than Jinsanjiang Silicon. It trades about 0.03 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about 0.0 per unit of risk. If you would invest 4,886 in Yankershop Food Co on October 16, 2024 and sell it today you would earn a total of 814.00 from holding Yankershop Food Co or generate 16.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yankershop Food Co vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Yankershop Food |
| Jinsanjiang Silicon |
Yankershop Food and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and Jinsanjiang Silicon
The main advantage of trading using opposite Yankershop Food and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Yankershop Food vs. Eyebright Medical Technology | Yankershop Food vs. China Publishing Media | Yankershop Food vs. Kuangda Technology Group | Yankershop Food vs. Guangzhou KingTeller Technology |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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