Correlation Between Yes Optoelectronics and Minmetals Capital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yes Optoelectronics Co and Minmetals Capital Co, you can compare the effects of market volatilities on Yes Optoelectronics and Minmetals Capital 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 Yes Optoelectronics with a short position of Minmetals Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yes Optoelectronics and Minmetals Capital.
Diversification Opportunities for Yes Optoelectronics and Minmetals Capital
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Yes and Minmetals is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Yes Optoelectronics Co and Minmetals Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Minmetals Capital and Yes Optoelectronics 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 Yes Optoelectronics Co are associated (or correlated) with Minmetals Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Minmetals Capital has no effect on the direction of Yes Optoelectronics i.e., Yes Optoelectronics and Minmetals Capital go up and down completely randomly.
Pair Corralation between Yes Optoelectronics and Minmetals Capital
Assuming the 90 days trading horizon Yes Optoelectronics Co is expected to under-perform the Minmetals Capital. In addition to that, Yes Optoelectronics is 1.34 times more volatile than Minmetals Capital Co. It trades about -0.09 of its total potential returns per unit of risk. Minmetals Capital Co is currently generating about -0.04 per unit of volatility. If you would invest 670.00 in Minmetals Capital Co on October 24, 2024 and sell it today you would lose (67.00) from holding Minmetals Capital Co or give up 10.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yes Optoelectronics Co vs. Minmetals Capital Co
Performance |
| Timeline |
| Yes Optoelectronics |
| Minmetals Capital |
Yes Optoelectronics and Minmetals Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yes Optoelectronics and Minmetals Capital
The main advantage of trading using opposite Yes Optoelectronics and Minmetals Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yes Optoelectronics position performs unexpectedly, Minmetals Capital 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 Minmetals Capital will offset losses from the drop in Minmetals Capital's long position.| Yes Optoelectronics vs. Beijing Sanyuan Foods | Yes Optoelectronics vs. Hygon Information Technology | Yes Optoelectronics vs. Sublime China Information | Yes Optoelectronics vs. Zhuhai Comleader Information |
| Minmetals Capital vs. TongFu Microelectronics Co | Minmetals Capital vs. Xinya Electronic Co | Minmetals Capital vs. Guangzhou Restaurants Group | Minmetals Capital vs. Leyard Optoelectronic |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |