Correlation Between Youngy Health and Jiangsu GDK
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By analyzing existing cross correlation between Youngy Health Co and Jiangsu GDK Biotechnology, you can compare the effects of market volatilities on Youngy Health and Jiangsu GDK 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 Jiangsu GDK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Jiangsu GDK.
Diversification Opportunities for Youngy Health and Jiangsu GDK
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Youngy and Jiangsu is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Jiangsu GDK Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu GDK Biotechnology 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 Jiangsu GDK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu GDK Biotechnology has no effect on the direction of Youngy Health i.e., Youngy Health and Jiangsu GDK go up and down completely randomly.
Pair Corralation between Youngy Health and Jiangsu GDK
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 0.78 times more return on investment than Jiangsu GDK. However, Youngy Health Co is 1.29 times less risky than Jiangsu GDK. It trades about 0.01 of its potential returns per unit of risk. Jiangsu GDK Biotechnology is currently generating about -0.05 per unit of risk. If you would invest 394.00 in Youngy Health Co on October 18, 2024 and sell it today you would lose (39.00) from holding Youngy Health Co or give up 9.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Jiangsu GDK Biotechnology
Performance |
| Timeline |
| Youngy Health |
| Jiangsu GDK Biotechnology |
Youngy Health and Jiangsu GDK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Jiangsu GDK
The main advantage of trading using opposite Youngy Health and Jiangsu GDK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Jiangsu GDK 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 Jiangsu GDK will offset losses from the drop in Jiangsu GDK'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 |
| Jiangsu GDK vs. Cowealth Medical China | Jiangsu GDK vs. Jiangsu Financial Leasing | Jiangsu GDK vs. Youngy Health Co | Jiangsu GDK vs. Shandong Sinoglory Health |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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