Correlation Between Porton Fine and Yes Optoelectronics
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By analyzing existing cross correlation between Porton Fine Chemicals and Yes Optoelectronics Co, you can compare the effects of market volatilities on Porton Fine and Yes Optoelectronics 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 Porton Fine with a short position of Yes Optoelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Porton Fine and Yes Optoelectronics.
Diversification Opportunities for Porton Fine and Yes Optoelectronics
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Porton and Yes is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Porton Fine Chemicals and Yes Optoelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Optoelectronics and Porton Fine 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 Porton Fine Chemicals are associated (or correlated) with Yes Optoelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yes Optoelectronics has no effect on the direction of Porton Fine i.e., Porton Fine and Yes Optoelectronics go up and down completely randomly.
Pair Corralation between Porton Fine and Yes Optoelectronics
Assuming the 90 days trading horizon Porton Fine Chemicals is expected to generate 0.41 times more return on investment than Yes Optoelectronics. However, Porton Fine Chemicals is 2.46 times less risky than Yes Optoelectronics. It trades about -0.05 of its potential returns per unit of risk. Yes Optoelectronics Co is currently generating about -0.32 per unit of risk. If you would invest 1,635 in Porton Fine Chemicals on October 28, 2024 and sell it today you would lose (38.00) from holding Porton Fine Chemicals or give up 2.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Porton Fine Chemicals vs. Yes Optoelectronics Co
Performance |
| Timeline |
| Porton Fine Chemicals |
| Yes Optoelectronics |
Porton Fine and Yes Optoelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Porton Fine and Yes Optoelectronics
The main advantage of trading using opposite Porton Fine and Yes Optoelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Porton Fine position performs unexpectedly, Yes Optoelectronics 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 Yes Optoelectronics will offset losses from the drop in Yes Optoelectronics' long position.| Porton Fine vs. Ming Yang Smart | Porton Fine vs. 159681 | Porton Fine vs. 159005 | Porton Fine vs. Loctek Ergonomic Technology |
| Yes Optoelectronics vs. Runjian Communication Co | Yes Optoelectronics vs. Haima Automobile Group | Yes Optoelectronics vs. Dazhong Transportation Group | Yes Optoelectronics vs. Jiangsu Jinling Sports |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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