Correlation Between Youngy Health and Zoy Home
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By analyzing existing cross correlation between Youngy Health Co and Zoy Home Furnishing, you can compare the effects of market volatilities on Youngy Health and Zoy Home 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 Zoy Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Zoy Home.
Diversification Opportunities for Youngy Health and Zoy Home
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Youngy and Zoy is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Zoy Home Furnishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zoy Home Furnishing 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 Zoy Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zoy Home Furnishing has no effect on the direction of Youngy Health i.e., Youngy Health and Zoy Home go up and down completely randomly.
Pair Corralation between Youngy Health and Zoy Home
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 1.85 times more return on investment than Zoy Home. However, Youngy Health is 1.85 times more volatile than Zoy Home Furnishing. It trades about 0.18 of its potential returns per unit of risk. Zoy Home Furnishing is currently generating about 0.18 per unit of risk. If you would invest 280.00 in Youngy Health Co on August 28, 2024 and sell it today you would earn a total of 109.00 from holding Youngy Health Co or generate 38.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Zoy Home Furnishing
Performance |
| Timeline |
| Youngy Health |
| Zoy Home Furnishing |
Youngy Health and Zoy Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Zoy Home
The main advantage of trading using opposite Youngy Health and Zoy Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Zoy Home 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 Zoy Home will offset losses from the drop in Zoy Home's long position.| Youngy Health vs. Cofoe Medical Technology | Youngy Health vs. Hubei Xingfa Chemicals | Youngy Health vs. Westone Information Industry | Youngy Health vs. Innovative Medical Management |
| Zoy Home vs. China Petroleum Chemical | Zoy Home vs. PetroChina Co Ltd | Zoy Home vs. China State Construction | Zoy Home vs. China Railway Group |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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