Correlation Between Youngy Health and Maoming Petro
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By analyzing existing cross correlation between Youngy Health Co and Maoming Petro Chemical Shihua, you can compare the effects of market volatilities on Youngy Health and Maoming Petro 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 Maoming Petro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Maoming Petro.
Diversification Opportunities for Youngy Health and Maoming Petro
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Youngy and Maoming is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Maoming Petro Chemical Shihua in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maoming Petro Chemical 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 Maoming Petro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maoming Petro Chemical has no effect on the direction of Youngy Health i.e., Youngy Health and Maoming Petro go up and down completely randomly.
Pair Corralation between Youngy Health and Maoming Petro
Assuming the 90 days trading horizon Youngy Health Co is expected to under-perform the Maoming Petro. In addition to that, Youngy Health is 1.42 times more volatile than Maoming Petro Chemical Shihua. It trades about -0.1 of its total potential returns per unit of risk. Maoming Petro Chemical Shihua is currently generating about -0.09 per unit of volatility. If you would invest 411.00 in Maoming Petro Chemical Shihua on November 6, 2024 and sell it today you would lose (48.00) from holding Maoming Petro Chemical Shihua or give up 11.68% 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. Maoming Petro Chemical Shihua
Performance |
| Timeline |
| Youngy Health |
| Maoming Petro Chemical |
Youngy Health and Maoming Petro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Maoming Petro
The main advantage of trading using opposite Youngy Health and Maoming Petro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Maoming Petro 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 Maoming Petro will offset losses from the drop in Maoming Petro's long position.| Youngy Health vs. Zhangjiagang Freetrade Science | Youngy Health vs. Queclink Wireless Solutions | Youngy Health vs. Sinomach Automobile Co | Youngy Health vs. Easyhome New Retail |
| Maoming Petro vs. Offcn Education Technology | Maoming Petro vs. Dareway Software Co | Maoming Petro vs. Jiangsu Hoperun Software | Maoming Petro vs. Fujian Boss Software |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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