Correlation Between Chengdu Spaceon and Yonyou Auto
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chengdu Spaceon Electronics and Yonyou Auto Information, you can compare the effects of market volatilities on Chengdu Spaceon and Yonyou Auto 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 Chengdu Spaceon with a short position of Yonyou Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Spaceon and Yonyou Auto.
Diversification Opportunities for Chengdu Spaceon and Yonyou Auto
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chengdu and Yonyou is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Spaceon Electronics and Yonyou Auto Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonyou Auto Information and Chengdu Spaceon 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 Chengdu Spaceon Electronics are associated (or correlated) with Yonyou Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonyou Auto Information has no effect on the direction of Chengdu Spaceon i.e., Chengdu Spaceon and Yonyou Auto go up and down completely randomly.
Pair Corralation between Chengdu Spaceon and Yonyou Auto
Assuming the 90 days trading horizon Chengdu Spaceon Electronics is expected to under-perform the Yonyou Auto. In addition to that, Chengdu Spaceon is 1.13 times more volatile than Yonyou Auto Information. It trades about -0.18 of its total potential returns per unit of risk. Yonyou Auto Information is currently generating about -0.02 per unit of volatility. If you would invest 1,930 in Yonyou Auto Information on August 28, 2024 and sell it today you would lose (35.00) from holding Yonyou Auto Information or give up 1.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Spaceon Electronics vs. Yonyou Auto Information
Performance |
| Timeline |
| Chengdu Spaceon Elec |
| Yonyou Auto Information |
Chengdu Spaceon and Yonyou Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Spaceon and Yonyou Auto
The main advantage of trading using opposite Chengdu Spaceon and Yonyou Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Spaceon position performs unexpectedly, Yonyou Auto 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 Yonyou Auto will offset losses from the drop in Yonyou Auto's long position.| Chengdu Spaceon vs. Shenzhen MYS Environmental | Chengdu Spaceon vs. AVIC Fund Management | Chengdu Spaceon vs. Shenzhen Bingchuan Network | Chengdu Spaceon vs. Penghua Shenzhen Energy |
| Yonyou Auto vs. Agricultural Bank of | Yonyou Auto vs. Industrial and Commercial | Yonyou Auto vs. Bank of China | Yonyou Auto vs. PetroChina Co Ltd |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |