Correlation Between Youngy Health and Cultural Investment
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By analyzing existing cross correlation between Youngy Health Co and Cultural Investment Holdings, you can compare the effects of market volatilities on Youngy Health and Cultural Investment 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 Cultural Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Cultural Investment.
Diversification Opportunities for Youngy Health and Cultural Investment
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Youngy and Cultural is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Cultural Investment Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cultural Investment 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 Cultural Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cultural Investment has no effect on the direction of Youngy Health i.e., Youngy Health and Cultural Investment go up and down completely randomly.
Pair Corralation between Youngy Health and Cultural Investment
Assuming the 90 days trading horizon Youngy Health Co is expected to under-perform the Cultural Investment. In addition to that, Youngy Health is 1.19 times more volatile than Cultural Investment Holdings. It trades about -0.02 of its total potential returns per unit of risk. Cultural Investment Holdings is currently generating about 0.14 per unit of volatility. If you would invest 200.00 in Cultural Investment Holdings on August 31, 2024 and sell it today you would earn a total of 20.00 from holding Cultural Investment Holdings or generate 10.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Youngy Health Co vs. Cultural Investment Holdings
Performance |
| Timeline |
| Youngy Health |
| Cultural Investment |
Youngy Health and Cultural Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Cultural Investment
The main advantage of trading using opposite Youngy Health and Cultural Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Cultural Investment 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 Cultural Investment will offset losses from the drop in Cultural Investment's long position.| Youngy Health vs. Ningxia Building Materials | Youngy Health vs. Fujian Longzhou Transportation | Youngy Health vs. Sichuan Fulin Transportation | Youngy Health vs. Hubeiyichang Transportation Group |
| Cultural Investment vs. BYD Co Ltd | Cultural Investment vs. Agricultural Bank of | Cultural Investment vs. Industrial and Commercial | Cultural Investment vs. China State Construction |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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