Correlation Between Yankershop Food and Hainan HNA
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By analyzing existing cross correlation between Yankershop Food Co and Hainan HNA Infrastructure, you can compare the effects of market volatilities on Yankershop Food and Hainan HNA 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 Hainan HNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Hainan HNA.
Diversification Opportunities for Yankershop Food and Hainan HNA
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Yankershop and Hainan is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Hainan HNA Infrastructure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan HNA Infrastructure 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 Hainan HNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan HNA Infrastructure has no effect on the direction of Yankershop Food i.e., Yankershop Food and Hainan HNA go up and down completely randomly.
Pair Corralation between Yankershop Food and Hainan HNA
Assuming the 90 days trading horizon Yankershop Food Co is expected to generate 1.29 times more return on investment than Hainan HNA. However, Yankershop Food is 1.29 times more volatile than Hainan HNA Infrastructure. It trades about 0.03 of its potential returns per unit of risk. Hainan HNA Infrastructure is currently generating about -0.03 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yankershop Food Co vs. Hainan HNA Infrastructure
Performance |
| Timeline |
| Yankershop Food |
| Hainan HNA Infrastructure |
Yankershop Food and Hainan HNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and Hainan HNA
The main advantage of trading using opposite Yankershop Food and Hainan HNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Hainan HNA 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 Hainan HNA will offset losses from the drop in Hainan HNA'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 |
| Hainan HNA vs. Eastroc Beverage Group | Hainan HNA vs. Hubei Forbon Technology | Hainan HNA vs. Yankershop Food Co | Hainan HNA vs. Zhejiang Kingland Pipeline |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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