Correlation Between Leyard Optoelectronic and Shenzhen MYS
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By analyzing existing cross correlation between Leyard Optoelectronic and Shenzhen MYS Environmental, you can compare the effects of market volatilities on Leyard Optoelectronic and Shenzhen MYS 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 Leyard Optoelectronic with a short position of Shenzhen MYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Leyard Optoelectronic and Shenzhen MYS.
Diversification Opportunities for Leyard Optoelectronic and Shenzhen MYS
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Leyard and Shenzhen is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Leyard Optoelectronic and Shenzhen MYS Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MYS Environ and Leyard Optoelectronic 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 Leyard Optoelectronic are associated (or correlated) with Shenzhen MYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MYS Environ has no effect on the direction of Leyard Optoelectronic i.e., Leyard Optoelectronic and Shenzhen MYS go up and down completely randomly.
Pair Corralation between Leyard Optoelectronic and Shenzhen MYS
Assuming the 90 days trading horizon Leyard Optoelectronic is expected to generate 0.84 times more return on investment than Shenzhen MYS. However, Leyard Optoelectronic is 1.19 times less risky than Shenzhen MYS. It trades about 0.25 of its potential returns per unit of risk. Shenzhen MYS Environmental is currently generating about 0.21 per unit of risk. If you would invest 555.00 in Leyard Optoelectronic on September 13, 2024 and sell it today you would earn a total of 117.00 from holding Leyard Optoelectronic or generate 21.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Leyard Optoelectronic vs. Shenzhen MYS Environmental
Performance |
| Timeline |
| Leyard Optoelectronic |
| Shenzhen MYS Environ |
Leyard Optoelectronic and Shenzhen MYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Leyard Optoelectronic and Shenzhen MYS
The main advantage of trading using opposite Leyard Optoelectronic and Shenzhen MYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Leyard Optoelectronic position performs unexpectedly, Shenzhen MYS 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 Shenzhen MYS will offset losses from the drop in Shenzhen MYS's long position.| Leyard Optoelectronic vs. Metro Investment Development | Leyard Optoelectronic vs. Ningxia Younglight Chemicals | Leyard Optoelectronic vs. Dymatic Chemicals | Leyard Optoelectronic vs. Nuode Investment Co |
| Shenzhen MYS vs. Zijin Mining Group | Shenzhen MYS vs. Wanhua Chemical Group | Shenzhen MYS vs. Baoshan Iron Steel | Shenzhen MYS vs. Shandong Gold Mining |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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