Correlation Between Youngy Health and Hangzhou Gaoxin
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By analyzing existing cross correlation between Youngy Health Co and Hangzhou Gaoxin Rubber, you can compare the effects of market volatilities on Youngy Health and Hangzhou Gaoxin 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 Hangzhou Gaoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Hangzhou Gaoxin.
Diversification Opportunities for Youngy Health and Hangzhou Gaoxin
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Youngy and Hangzhou is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Hangzhou Gaoxin Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Gaoxin Rubber 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 Hangzhou Gaoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Gaoxin Rubber has no effect on the direction of Youngy Health i.e., Youngy Health and Hangzhou Gaoxin go up and down completely randomly.
Pair Corralation between Youngy Health and Hangzhou Gaoxin
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 0.81 times more return on investment than Hangzhou Gaoxin. However, Youngy Health Co is 1.24 times less risky than Hangzhou Gaoxin. It trades about 0.02 of its potential returns per unit of risk. Hangzhou Gaoxin Rubber is currently generating about 0.01 per unit of risk. If you would invest 334.00 in Youngy Health Co on October 16, 2024 and sell it today you would earn a total of 23.00 from holding Youngy Health Co or generate 6.89% 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. Hangzhou Gaoxin Rubber
Performance |
| Timeline |
| Youngy Health |
| Hangzhou Gaoxin Rubber |
Youngy Health and Hangzhou Gaoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Hangzhou Gaoxin
The main advantage of trading using opposite Youngy Health and Hangzhou Gaoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Hangzhou Gaoxin 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 Hangzhou Gaoxin will offset losses from the drop in Hangzhou Gaoxin's long position.| Youngy Health vs. Spring Airlines Co | Youngy Health vs. Chengtun Mining Group | Youngy Health vs. Kunwu Jiuding Investment | Youngy Health vs. Ningbo Jintian Copper |
| Hangzhou Gaoxin vs. China Mobile Limited | Hangzhou Gaoxin vs. Sanbo Hospital Management | Hangzhou Gaoxin vs. Anhui Jianghuai Automobile | Hangzhou Gaoxin vs. Youngy Health 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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