Correlation Between Yankershop Food and Chengtun Mining
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By analyzing existing cross correlation between Yankershop Food Co and Chengtun Mining Group, you can compare the effects of market volatilities on Yankershop Food and Chengtun Mining 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 Chengtun Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Chengtun Mining.
Diversification Opportunities for Yankershop Food and Chengtun Mining
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yankershop and Chengtun is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Chengtun Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengtun Mining Group 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 Chengtun Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengtun Mining Group has no effect on the direction of Yankershop Food i.e., Yankershop Food and Chengtun Mining go up and down completely randomly.
Pair Corralation between Yankershop Food and Chengtun Mining
Assuming the 90 days trading horizon Yankershop Food is expected to generate 5.22 times less return on investment than Chengtun Mining. But when comparing it to its historical volatility, Yankershop Food Co is 1.2 times less risky than Chengtun Mining. It trades about 0.0 of its potential returns per unit of risk. Chengtun Mining Group is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 466.00 in Chengtun Mining Group on August 31, 2024 and sell it today you would earn a total of 16.00 from holding Chengtun Mining Group or generate 3.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yankershop Food Co vs. Chengtun Mining Group
Performance |
| Timeline |
| Yankershop Food |
| Chengtun Mining Group |
Yankershop Food and Chengtun Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and Chengtun Mining
The main advantage of trading using opposite Yankershop Food and Chengtun Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Chengtun Mining 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 Chengtun Mining will offset losses from the drop in Chengtun Mining's long position.| Yankershop Food vs. Guosheng Financial Holding | Yankershop Food vs. Xiamen Bank Co | Yankershop Food vs. Guangzhou Automobile Group | Yankershop Food vs. Zhejiang Qianjiang Motorcycle |
| Chengtun Mining vs. Northern United Publishing | Chengtun Mining vs. Dymatic Chemicals | Chengtun Mining vs. StarPower Semiconductor | Chengtun Mining vs. Chinese Universe Publishing |
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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