Correlation Between Youngy Health and Cambricon Technologies
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By analyzing existing cross correlation between Youngy Health Co and Cambricon Technologies Corp, you can compare the effects of market volatilities on Youngy Health and Cambricon Technologies 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 Cambricon Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Cambricon Technologies.
Diversification Opportunities for Youngy Health and Cambricon Technologies
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Youngy and Cambricon is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Cambricon Technologies Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cambricon Technologies 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 Cambricon Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cambricon Technologies has no effect on the direction of Youngy Health i.e., Youngy Health and Cambricon Technologies go up and down completely randomly.
Pair Corralation between Youngy Health and Cambricon Technologies
Assuming the 90 days trading horizon Youngy Health is expected to generate 10.82 times less return on investment than Cambricon Technologies. But when comparing it to its historical volatility, Youngy Health Co is 2.21 times less risky than Cambricon Technologies. It trades about 0.01 of its potential returns per unit of risk. Cambricon Technologies Corp is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 68,350 in Cambricon Technologies Corp on November 30, 2024 and sell it today you would earn a total of 5,194 from holding Cambricon Technologies Corp or generate 7.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Cambricon Technologies Corp
Performance |
| Timeline |
| Youngy Health |
| Cambricon Technologies |
Youngy Health and Cambricon Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Cambricon Technologies
The main advantage of trading using opposite Youngy Health and Cambricon Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Cambricon Technologies 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 Cambricon Technologies will offset losses from the drop in Cambricon Technologies' long position.| Youngy Health vs. AUPU Home Style | Youngy Health vs. Xizi Clean Energy | Youngy Health vs. Markor International Home | Youngy Health vs. Chongqing Brewery 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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