Correlation Between YLZ Information and Jiangxi Copper
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By analyzing existing cross correlation between YLZ Information Tech and Jiangxi Copper Co, you can compare the effects of market volatilities on YLZ Information and Jiangxi Copper 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 Jiangxi Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of YLZ Information and Jiangxi Copper.
Diversification Opportunities for YLZ Information and Jiangxi Copper
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between YLZ and Jiangxi is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding YLZ Information Tech and Jiangxi Copper Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Copper 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 Jiangxi Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Copper has no effect on the direction of YLZ Information i.e., YLZ Information and Jiangxi Copper go up and down completely randomly.
Pair Corralation between YLZ Information and Jiangxi Copper
Assuming the 90 days trading horizon YLZ Information Tech is expected to generate 1.83 times more return on investment than Jiangxi Copper. However, YLZ Information is 1.83 times more volatile than Jiangxi Copper Co. It trades about 0.19 of its potential returns per unit of risk. Jiangxi Copper Co is currently generating about -0.21 per unit of risk. If you would invest 331.00 in YLZ Information Tech on September 5, 2024 and sell it today you would earn a total of 35.00 from holding YLZ Information Tech or generate 10.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YLZ Information Tech vs. Jiangxi Copper Co
Performance |
| Timeline |
| YLZ Information Tech |
| Jiangxi Copper |
YLZ Information and Jiangxi Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YLZ Information and Jiangxi Copper
The main advantage of trading using opposite YLZ Information and Jiangxi Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YLZ Information position performs unexpectedly, Jiangxi Copper 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 Jiangxi Copper will offset losses from the drop in Jiangxi Copper's long position.| YLZ Information vs. BYD Co Ltd | YLZ Information vs. China Mobile Limited | YLZ Information vs. Agricultural Bank of | YLZ Information vs. Industrial and Commercial |
| Jiangxi Copper vs. Suzhou Mingzhi Technology | Jiangxi Copper vs. Guangzhou Ruoyuchen Information | Jiangxi Copper vs. Nanjing Putian Telecommunications | Jiangxi Copper vs. YLZ Information Tech |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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