Correlation Between Youngy Health and Ningbo Fangzheng
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By analyzing existing cross correlation between Youngy Health Co and Ningbo Fangzheng Automobile, you can compare the effects of market volatilities on Youngy Health and Ningbo Fangzheng 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 Ningbo Fangzheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Ningbo Fangzheng.
Diversification Opportunities for Youngy Health and Ningbo Fangzheng
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Youngy and Ningbo is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Ningbo Fangzheng Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Fangzheng Aut 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 Ningbo Fangzheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Fangzheng Aut has no effect on the direction of Youngy Health i.e., Youngy Health and Ningbo Fangzheng go up and down completely randomly.
Pair Corralation between Youngy Health and Ningbo Fangzheng
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 0.9 times more return on investment than Ningbo Fangzheng. However, Youngy Health Co is 1.12 times less risky than Ningbo Fangzheng. It trades about 0.0 of its potential returns per unit of risk. Ningbo Fangzheng Automobile is currently generating about -0.03 per unit of risk. If you would invest 394.00 in Youngy Health Co on October 13, 2024 and sell it today you would lose (59.00) from holding Youngy Health Co or give up 14.97% 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. Ningbo Fangzheng Automobile
Performance |
| Timeline |
| Youngy Health |
| Ningbo Fangzheng Aut |
Youngy Health and Ningbo Fangzheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Ningbo Fangzheng
The main advantage of trading using opposite Youngy Health and Ningbo Fangzheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Ningbo Fangzheng 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 Ningbo Fangzheng will offset losses from the drop in Ningbo Fangzheng's long position.| Youngy Health vs. Shenzhen Zhongzhuang Construction | Youngy Health vs. Zhonghong Pulin Medical | Youngy Health vs. Eyebright Medical Technology | Youngy Health vs. Hongrun Construction Group |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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