Correlation Between Shenyang Blue and Youyou Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenyang Blue Silver and Youyou Foods Co, you can compare the effects of market volatilities on Shenyang Blue and Youyou Foods 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 Shenyang Blue with a short position of Youyou Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Blue and Youyou Foods.
Diversification Opportunities for Shenyang Blue and Youyou Foods
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenyang and Youyou is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Blue Silver and Youyou Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youyou Foods and Shenyang Blue 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 Shenyang Blue Silver are associated (or correlated) with Youyou Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youyou Foods has no effect on the direction of Shenyang Blue i.e., Shenyang Blue and Youyou Foods go up and down completely randomly.
Pair Corralation between Shenyang Blue and Youyou Foods
Assuming the 90 days trading horizon Shenyang Blue Silver is expected to under-perform the Youyou Foods. In addition to that, Shenyang Blue is 1.05 times more volatile than Youyou Foods Co. It trades about -0.12 of its total potential returns per unit of risk. Youyou Foods Co is currently generating about 0.21 per unit of volatility. If you would invest 642.00 in Youyou Foods Co on October 14, 2024 and sell it today you would earn a total of 388.00 from holding Youyou Foods Co or generate 60.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Blue Silver vs. Youyou Foods Co
Performance |
| Timeline |
| Shenyang Blue Silver |
| Youyou Foods |
Shenyang Blue and Youyou Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Blue and Youyou Foods
The main advantage of trading using opposite Shenyang Blue and Youyou Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Blue position performs unexpectedly, Youyou Foods 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 Youyou Foods will offset losses from the drop in Youyou Foods' long position.| Shenyang Blue vs. Jinsanjiang Silicon Material | Shenyang Blue vs. Digiwin Software Co | Shenyang Blue vs. Orinko Advanced Plastics | Shenyang Blue vs. Glodon Software Co |
| Youyou Foods vs. Shengda Mining Co | Youyou Foods vs. Hainan Mining Co | Youyou Foods vs. Jiangxi Naipu Mining | Youyou Foods vs. Shenyang Blue Silver |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |