Correlation Between Youngy Health and Kangping Technology
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By analyzing existing cross correlation between Youngy Health Co and Kangping Technology Co, you can compare the effects of market volatilities on Youngy Health and Kangping Technology 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 Kangping Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Kangping Technology.
Diversification Opportunities for Youngy Health and Kangping Technology
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Youngy and Kangping is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Kangping Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangping Technology 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 Kangping Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangping Technology has no effect on the direction of Youngy Health i.e., Youngy Health and Kangping Technology go up and down completely randomly.
Pair Corralation between Youngy Health and Kangping Technology
Assuming the 90 days trading horizon Youngy Health is expected to generate 13.02 times less return on investment than Kangping Technology. But when comparing it to its historical volatility, Youngy Health Co is 1.1 times less risky than Kangping Technology. It trades about 0.0 of its potential returns per unit of risk. Kangping Technology Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,839 in Kangping Technology Co on October 16, 2024 and sell it today you would earn a total of 148.00 from holding Kangping Technology Co or generate 8.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Kangping Technology Co
Performance |
| Timeline |
| Youngy Health |
| Kangping Technology |
Youngy Health and Kangping Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Kangping Technology
The main advantage of trading using opposite Youngy Health and Kangping Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Kangping Technology 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 Kangping Technology will offset losses from the drop in Kangping Technology's long position.| Youngy Health vs. Yunnan Jianzhijia Health Chain | Youngy Health vs. Ningxia Building Materials | Youngy Health vs. Sanxiang Advanced Materials | Youngy Health vs. Shandong Sinoglory Health |
| Kangping Technology vs. Shanghai Rongtai Health | Kangping Technology vs. Healthcare Co | Kangping Technology vs. Mango Excellent Media | Kangping Technology 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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