Correlation Between Yes Optoelectronics and National Silicon
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By analyzing existing cross correlation between Yes Optoelectronics Co and National Silicon Industry, you can compare the effects of market volatilities on Yes Optoelectronics and National Silicon 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 National Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yes Optoelectronics and National Silicon.
Diversification Opportunities for Yes Optoelectronics and National Silicon
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yes and National is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Yes Optoelectronics Co and National Silicon Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Silicon Industry 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 National Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Silicon Industry has no effect on the direction of Yes Optoelectronics i.e., Yes Optoelectronics and National Silicon go up and down completely randomly.
Pair Corralation between Yes Optoelectronics and National Silicon
Assuming the 90 days trading horizon Yes Optoelectronics Co is expected to under-perform the National Silicon. In addition to that, Yes Optoelectronics is 2.0 times more volatile than National Silicon Industry. It trades about -0.17 of its total potential returns per unit of risk. National Silicon Industry is currently generating about -0.18 per unit of volatility. If you would invest 1,972 in National Silicon Industry on October 24, 2024 and sell it today you would lose (196.00) from holding National Silicon Industry or give up 9.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yes Optoelectronics Co vs. National Silicon Industry
Performance |
| Timeline |
| Yes Optoelectronics |
| National Silicon Industry |
Yes Optoelectronics and National Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yes Optoelectronics and National Silicon
The main advantage of trading using opposite Yes Optoelectronics and National Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yes Optoelectronics position performs unexpectedly, National Silicon 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 National Silicon will offset losses from the drop in National Silicon's long position.| Yes Optoelectronics vs. City Development Environment | Yes Optoelectronics vs. Youngy Health Co | Yes Optoelectronics vs. Andon Health Co | Yes Optoelectronics vs. Miracll Chemicals Co |
| National Silicon vs. Hubei Forbon Technology | National Silicon vs. Rising Nonferrous Metals | National Silicon vs. Smartgiant Technology Co | National Silicon vs. Tianshui Huatian Technology |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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