Correlation Between YLZ Information and Xian International
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By analyzing existing cross correlation between YLZ Information Tech and Xian International Medical, you can compare the effects of market volatilities on YLZ Information and Xian International 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 YLZ Information with a short position of Xian International. Check out your portfolio center. Please also check ongoing floating volatility patterns of YLZ Information and Xian International.
Diversification Opportunities for YLZ Information and Xian International
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between YLZ and Xian is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding YLZ Information Tech and Xian International Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xian International and YLZ Information 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 YLZ Information Tech are associated (or correlated) with Xian International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xian International has no effect on the direction of YLZ Information i.e., YLZ Information and Xian International go up and down completely randomly.
Pair Corralation between YLZ Information and Xian International
Assuming the 90 days trading horizon YLZ Information Tech is expected to under-perform the Xian International. But the stock apears to be less risky and, when comparing its historical volatility, YLZ Information Tech is 1.04 times less risky than Xian International. The stock trades about -0.01 of its potential returns per unit of risk. The Xian International Medical is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 559.00 in Xian International Medical on August 29, 2024 and sell it today you would earn a total of 10.00 from holding Xian International Medical or generate 1.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
YLZ Information Tech vs. Xian International Medical
Performance |
| Timeline |
| YLZ Information Tech |
| Xian International |
YLZ Information and Xian International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YLZ Information and Xian International
The main advantage of trading using opposite YLZ Information and Xian International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YLZ Information position performs unexpectedly, Xian International 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 Xian International will offset losses from the drop in Xian International's long position.| YLZ Information vs. China State Construction | YLZ Information vs. Huafa Industrial Co | YLZ Information vs. China International Capital | YLZ Information vs. Kweichow Moutai Co |
| Xian International vs. Yangmei Chemical Co | Xian International vs. Longxing Chemical Stock | Xian International vs. Guangzhou Jointas Chemical | Xian International vs. Ningxia Younglight Chemicals |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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