Correlation Between Youngy Health and Shenzhen Zhongzhuang
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By analyzing existing cross correlation between Youngy Health Co and Shenzhen Zhongzhuang Construction, you can compare the effects of market volatilities on Youngy Health and Shenzhen Zhongzhuang 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 Zhongzhuang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Shenzhen Zhongzhuang.
Diversification Opportunities for Youngy Health and Shenzhen Zhongzhuang
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Youngy and Shenzhen is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Shenzhen Zhongzhuang Construct in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Zhongzhuang 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 Zhongzhuang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Zhongzhuang has no effect on the direction of Youngy Health i.e., Youngy Health and Shenzhen Zhongzhuang go up and down completely randomly.
Pair Corralation between Youngy Health and Shenzhen Zhongzhuang
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 0.91 times more return on investment than Shenzhen Zhongzhuang. However, Youngy Health Co is 1.1 times less risky than Shenzhen Zhongzhuang. It trades about -0.48 of its potential returns per unit of risk. Shenzhen Zhongzhuang Construction is currently generating about -0.44 per unit of risk. If you would invest 451.00 in Youngy Health Co on October 14, 2024 and sell it today you would lose (116.00) from holding Youngy Health Co or give up 25.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Shenzhen Zhongzhuang Construct
Performance |
| Timeline |
| Youngy Health |
| Shenzhen Zhongzhuang |
Youngy Health and Shenzhen Zhongzhuang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Shenzhen Zhongzhuang
The main advantage of trading using opposite Youngy Health and Shenzhen Zhongzhuang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Shenzhen Zhongzhuang 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 Zhongzhuang will offset losses from the drop in Shenzhen Zhongzhuang's long position.| Youngy Health vs. GuoChuang Software Co | Youngy Health vs. Thinkingdom Media Group | Youngy Health vs. Fujian Boss Software | Youngy Health vs. Glodon Software Co |
| Shenzhen Zhongzhuang vs. Tibet Huayu Mining | Shenzhen Zhongzhuang vs. Wuhan Yangtze Communication | Shenzhen Zhongzhuang vs. Sunwave Communications Co | Shenzhen Zhongzhuang vs. Suzhou Industrial Park |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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