Correlation Between Gan Yuan and JuneYao Dairy
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By analyzing existing cross correlation between Gan Yuan Foods and JuneYao Dairy Co, you can compare the effects of market volatilities on Gan Yuan and JuneYao Dairy 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 Gan Yuan with a short position of JuneYao Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and JuneYao Dairy.
Diversification Opportunities for Gan Yuan and JuneYao Dairy
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Gan and JuneYao is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and JuneYao Dairy Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JuneYao Dairy and Gan Yuan 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 Gan Yuan Foods are associated (or correlated) with JuneYao Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JuneYao Dairy has no effect on the direction of Gan Yuan i.e., Gan Yuan and JuneYao Dairy go up and down completely randomly.
Pair Corralation between Gan Yuan and JuneYao Dairy
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 0.73 times more return on investment than JuneYao Dairy. However, Gan Yuan Foods is 1.38 times less risky than JuneYao Dairy. It trades about 0.05 of its potential returns per unit of risk. JuneYao Dairy Co is currently generating about 0.0 per unit of risk. If you would invest 6,771 in Gan Yuan Foods on November 3, 2024 and sell it today you would earn a total of 1,951 from holding Gan Yuan Foods or generate 28.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gan Yuan Foods vs. JuneYao Dairy Co
Performance |
| Timeline |
| Gan Yuan Foods |
| JuneYao Dairy |
Gan Yuan and JuneYao Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and JuneYao Dairy
The main advantage of trading using opposite Gan Yuan and JuneYao Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan position performs unexpectedly, JuneYao Dairy 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 JuneYao Dairy will offset losses from the drop in JuneYao Dairy's long position.| Gan Yuan vs. Xinjiang Baodi Mining | Gan Yuan vs. Guangzhou Jointas Chemical | Gan Yuan vs. Ningbo Fujia Industrial | Gan Yuan vs. Shenzhen Noposion Agrochemicals |
| JuneYao Dairy vs. Bus Online Co | JuneYao Dairy vs. Holitech Technology Co | JuneYao Dairy vs. Gome Telecom Equipment | JuneYao Dairy vs. Cultural Investment Holdings |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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