Correlation Between Youngy Health and Zhejiang Construction
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By analyzing existing cross correlation between Youngy Health Co and Zhejiang Construction Investment, you can compare the effects of market volatilities on Youngy Health and Zhejiang Construction 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 Zhejiang Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Zhejiang Construction.
Diversification Opportunities for Youngy Health and Zhejiang Construction
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Youngy and Zhejiang is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Zhejiang Construction Investme in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Construction 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 Zhejiang Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Construction has no effect on the direction of Youngy Health i.e., Youngy Health and Zhejiang Construction go up and down completely randomly.
Pair Corralation between Youngy Health and Zhejiang Construction
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 1.26 times more return on investment than Zhejiang Construction. However, Youngy Health is 1.26 times more volatile than Zhejiang Construction Investment. It trades about 0.09 of its potential returns per unit of risk. Zhejiang Construction Investment is currently generating about 0.02 per unit of risk. If you would invest 252.00 in Youngy Health Co on November 4, 2024 and sell it today you would earn a total of 106.00 from holding Youngy Health Co or generate 42.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.15% |
| Values | Daily Returns |
Youngy Health Co vs. Zhejiang Construction Investme
Performance |
| Timeline |
| Youngy Health |
| Zhejiang Construction |
Youngy Health and Zhejiang Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Zhejiang Construction
The main advantage of trading using opposite Youngy Health and Zhejiang Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Zhejiang Construction 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 Zhejiang Construction will offset losses from the drop in Zhejiang Construction's long position.| Youngy Health vs. Industrial and Commercial | Youngy Health vs. Agricultural Bank of | Youngy Health vs. China Construction Bank | Youngy Health vs. Bank of China |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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