Correlation Between Youngy Health and Haima Automobile
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By analyzing existing cross correlation between Youngy Health Co and Haima Automobile Group, you can compare the effects of market volatilities on Youngy Health and Haima Automobile 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 Youngy Health with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Haima Automobile.
Diversification Opportunities for Youngy Health and Haima Automobile
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Youngy and Haima is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Youngy Health 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 Youngy Health Co are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Youngy Health i.e., Youngy Health and Haima Automobile go up and down completely randomly.
Pair Corralation between Youngy Health and Haima Automobile
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 0.79 times more return on investment than Haima Automobile. However, Youngy Health Co is 1.27 times less risky than Haima Automobile. It trades about 0.01 of its potential returns per unit of risk. Haima Automobile Group is currently generating about 0.01 per unit of risk. If you would invest 391.00 in Youngy Health Co on August 26, 2024 and sell it today you would lose (9.00) from holding Youngy Health Co or give up 2.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Haima Automobile Group
Performance |
| Timeline |
| Youngy Health |
| Haima Automobile |
Youngy Health and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Haima Automobile
The main advantage of trading using opposite Youngy Health and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Youngy Health vs. Cultural Investment Holdings | Youngy Health vs. Gome Telecom Equipment | Youngy Health vs. Bus Online Co | Youngy Health vs. Holitech Technology Co |
| Haima Automobile vs. Lutian Machinery Co | Haima Automobile vs. China Longyuan Power | Haima Automobile vs. Changshu Tongrun Auto | Haima Automobile vs. PetroChina Co Ltd |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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