Correlation Between Youngy Health and Shenzhen MYS
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By analyzing existing cross correlation between Youngy Health Co and Shenzhen MYS Environmental, you can compare the effects of market volatilities on Youngy Health and Shenzhen MYS 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 Shenzhen MYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Shenzhen MYS.
Diversification Opportunities for Youngy Health and Shenzhen MYS
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Youngy and Shenzhen is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Shenzhen MYS Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MYS Environ 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 Shenzhen MYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MYS Environ has no effect on the direction of Youngy Health i.e., Youngy Health and Shenzhen MYS go up and down completely randomly.
Pair Corralation between Youngy Health and Shenzhen MYS
Assuming the 90 days trading horizon Youngy Health Co is expected to under-perform the Shenzhen MYS. In addition to that, Youngy Health is 1.05 times more volatile than Shenzhen MYS Environmental. It trades about -0.11 of its total potential returns per unit of risk. Shenzhen MYS Environmental is currently generating about 0.22 per unit of volatility. If you would invest 312.00 in Shenzhen MYS Environmental on August 30, 2024 and sell it today you would earn a total of 63.00 from holding Shenzhen MYS Environmental or generate 20.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Shenzhen MYS Environmental
Performance |
| Timeline |
| Youngy Health |
| Shenzhen MYS Environ |
Youngy Health and Shenzhen MYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Shenzhen MYS
The main advantage of trading using opposite Youngy Health and Shenzhen MYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Shenzhen MYS 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 Shenzhen MYS will offset losses from the drop in Shenzhen MYS's long position.| Youngy Health vs. Agricultural Bank of | Youngy Health vs. Industrial and Commercial | Youngy Health vs. Bank of China | Youngy Health vs. China Construction Bank |
| Shenzhen MYS vs. Shandong Gold Mining | Shenzhen MYS vs. Rongsheng Petrochemical Co | Shenzhen MYS vs. Inner Mongolia BaoTou | Shenzhen MYS vs. Jiangxi Ganfeng Lithium |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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