Correlation Between Huizhou Speed and YiDong Electronics
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By analyzing existing cross correlation between Huizhou Speed Wireless and YiDong Electronics Technology, you can compare the effects of market volatilities on Huizhou Speed and YiDong Electronics 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 Huizhou Speed with a short position of YiDong Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huizhou Speed and YiDong Electronics.
Diversification Opportunities for Huizhou Speed and YiDong Electronics
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Huizhou and YiDong is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Huizhou Speed Wireless and YiDong Electronics Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YiDong Electronics and Huizhou Speed 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 Huizhou Speed Wireless are associated (or correlated) with YiDong Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YiDong Electronics has no effect on the direction of Huizhou Speed i.e., Huizhou Speed and YiDong Electronics go up and down completely randomly.
Pair Corralation between Huizhou Speed and YiDong Electronics
Assuming the 90 days trading horizon Huizhou Speed Wireless is expected to under-perform the YiDong Electronics. But the stock apears to be less risky and, when comparing its historical volatility, Huizhou Speed Wireless is 1.82 times less risky than YiDong Electronics. The stock trades about -0.06 of its potential returns per unit of risk. The YiDong Electronics Technology is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,231 in YiDong Electronics Technology on October 28, 2024 and sell it today you would earn a total of 181.00 from holding YiDong Electronics Technology or generate 8.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huizhou Speed Wireless vs. YiDong Electronics Technology
Performance |
| Timeline |
| Huizhou Speed Wireless |
| YiDong Electronics |
Huizhou Speed and YiDong Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huizhou Speed and YiDong Electronics
The main advantage of trading using opposite Huizhou Speed and YiDong Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huizhou Speed position performs unexpectedly, YiDong Electronics 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 YiDong Electronics will offset losses from the drop in YiDong Electronics' long position.| Huizhou Speed vs. Weihai Honglin Electronic | Huizhou Speed vs. Dongguan Tarry Electronics | Huizhou Speed vs. Heilongjiang Publishing Media | Huizhou Speed vs. Shuhua Sports Co |
| YiDong Electronics vs. Weihai Honglin Electronic | YiDong Electronics vs. JCHX Mining Management | YiDong Electronics vs. Integrated Electronic Systems | YiDong Electronics vs. Guangdong Ellington Electronics |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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