Correlation Between Youngy Health and Shenyang Chemical
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By analyzing existing cross correlation between Youngy Health Co and Shenyang Chemical Industry, you can compare the effects of market volatilities on Youngy Health and Shenyang Chemical 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 Shenyang Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Shenyang Chemical.
Diversification Opportunities for Youngy Health and Shenyang Chemical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Youngy and Shenyang is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Shenyang Chemical Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenyang 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 Shenyang Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenyang Chemical has no effect on the direction of Youngy Health i.e., Youngy Health and Shenyang Chemical go up and down completely randomly.
Pair Corralation between Youngy Health and Shenyang Chemical
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 1.04 times more return on investment than Shenyang Chemical. However, Youngy Health is 1.04 times more volatile than Shenyang Chemical Industry. It trades about 0.02 of its potential returns per unit of risk. Shenyang Chemical Industry is currently generating about -0.02 per unit of risk. If you would invest 355.00 in Youngy Health Co on August 28, 2024 and sell it today you would earn a total of 34.00 from holding Youngy Health Co or generate 9.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Shenyang Chemical Industry
Performance |
| Timeline |
| Youngy Health |
| Shenyang Chemical |
Youngy Health and Shenyang Chemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Shenyang Chemical
The main advantage of trading using opposite Youngy Health and Shenyang Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Shenyang Chemical 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 Shenyang Chemical will offset losses from the drop in Shenyang Chemical'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 |
| Shenyang Chemical vs. Heilongjiang Publishing Media | Shenyang Chemical vs. Shandong Mining Machinery | Shenyang Chemical vs. China Nonferrous Metal | Shenyang Chemical vs. Southern PublishingMedia Co |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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