Correlation Between Youngy Health and Northern United
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By analyzing existing cross correlation between Youngy Health Co and Northern United Publishing, you can compare the effects of market volatilities on Youngy Health and Northern United 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 Northern United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Northern United.
Diversification Opportunities for Youngy Health and Northern United
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Youngy and Northern is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Northern United Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northern United Publ 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 Northern United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northern United Publ has no effect on the direction of Youngy Health i.e., Youngy Health and Northern United go up and down completely randomly.
Pair Corralation between Youngy Health and Northern United
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 1.49 times more return on investment than Northern United. However, Youngy Health is 1.49 times more volatile than Northern United Publishing. It trades about 0.13 of its potential returns per unit of risk. Northern United Publishing is currently generating about 0.08 per unit of risk. If you would invest 243.00 in Youngy Health Co on October 18, 2024 and sell it today you would earn a total of 112.00 from holding Youngy Health Co or generate 46.09% 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. Northern United Publishing
Performance |
| Timeline |
| Youngy Health |
| Northern United Publ |
Youngy Health and Northern United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Northern United
The main advantage of trading using opposite Youngy Health and Northern United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Northern United 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 Northern United will offset losses from the drop in Northern United's long position.| Youngy Health vs. Huaxia Fund Management | Youngy Health vs. Sanbo Hospital Management | Youngy Health vs. Maoming Petro Chemical Shihua | Youngy Health vs. Guangzhou Jointas Chemical |
| Northern United vs. JuneYao Dairy Co | Northern United vs. Youngy Health Co | Northern United vs. Humanwell Healthcare Group | Northern United vs. Qingdao Foods 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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