Correlation Between Chongqing Shunbo and Yankershop Food
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By analyzing existing cross correlation between Chongqing Shunbo Aluminum and Yankershop Food Co, you can compare the effects of market volatilities on Chongqing Shunbo and Yankershop Food 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 Chongqing Shunbo with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chongqing Shunbo and Yankershop Food.
Diversification Opportunities for Chongqing Shunbo and Yankershop Food
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Chongqing and Yankershop is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Chongqing Shunbo Aluminum and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Chongqing Shunbo 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 Chongqing Shunbo Aluminum are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Chongqing Shunbo i.e., Chongqing Shunbo and Yankershop Food go up and down completely randomly.
Pair Corralation between Chongqing Shunbo and Yankershop Food
Assuming the 90 days trading horizon Chongqing Shunbo Aluminum is expected to under-perform the Yankershop Food. But the stock apears to be less risky and, when comparing its historical volatility, Chongqing Shunbo Aluminum is 1.38 times less risky than Yankershop Food. The stock trades about -0.17 of its potential returns per unit of risk. The Yankershop Food Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 5,680 in Yankershop Food Co on October 14, 2024 and sell it today you would earn a total of 107.00 from holding Yankershop Food Co or generate 1.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chongqing Shunbo Aluminum vs. Yankershop Food Co
Performance |
| Timeline |
| Chongqing Shunbo Aluminum |
| Yankershop Food |
Chongqing Shunbo and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chongqing Shunbo and Yankershop Food
The main advantage of trading using opposite Chongqing Shunbo and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chongqing Shunbo position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| Chongqing Shunbo vs. Shandong Homey Aquatic | Chongqing Shunbo vs. Vohringer Home Technology | Chongqing Shunbo vs. UE Furniture Co | Chongqing Shunbo vs. Luolai Home Textile |
| Yankershop Food vs. Shanghai Newtouch Software | Yankershop Food vs. Xiangyang Automobile Bearing | Yankershop Food vs. Thunder Software Technology | Yankershop Food vs. Jiangsu Xinri E Vehicle |
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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