Correlation Between Yankershop Food and Sichuan Hebang
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By analyzing existing cross correlation between Yankershop Food Co and Sichuan Hebang Biotechnology, you can compare the effects of market volatilities on Yankershop Food and Sichuan Hebang 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 Sichuan Hebang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Sichuan Hebang.
Diversification Opportunities for Yankershop Food and Sichuan Hebang
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Yankershop and Sichuan is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Sichuan Hebang Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Hebang Biote 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 Sichuan Hebang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Hebang Biote has no effect on the direction of Yankershop Food i.e., Yankershop Food and Sichuan Hebang go up and down completely randomly.
Pair Corralation between Yankershop Food and Sichuan Hebang
Assuming the 90 days trading horizon Yankershop Food Co is expected to generate 1.36 times more return on investment than Sichuan Hebang. However, Yankershop Food is 1.36 times more volatile than Sichuan Hebang Biotechnology. It trades about 0.01 of its potential returns per unit of risk. Sichuan Hebang Biotechnology is currently generating about -0.05 per unit of risk. If you would invest 5,419 in Yankershop Food Co on December 12, 2024 and sell it today you would earn a total of 186.00 from holding Yankershop Food Co or generate 3.43% 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. Sichuan Hebang Biotechnology
Performance |
| Timeline |
| Yankershop Food |
| Sichuan Hebang Biote |
Yankershop Food and Sichuan Hebang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yankershop Food and Sichuan Hebang
The main advantage of trading using opposite Yankershop Food and Sichuan Hebang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Sichuan Hebang 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 Sichuan Hebang will offset losses from the drop in Sichuan Hebang's long position.| Yankershop Food vs. Science Environmental Protection | ||
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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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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