Correlation Between Malion New and Yunnan Jianzhijia
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By analyzing existing cross correlation between Malion New Materials and Yunnan Jianzhijia Health Chain, you can compare the effects of market volatilities on Malion New and Yunnan Jianzhijia 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 Malion New with a short position of Yunnan Jianzhijia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Malion New and Yunnan Jianzhijia.
Diversification Opportunities for Malion New and Yunnan Jianzhijia
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Malion and Yunnan is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Malion New Materials and Yunnan Jianzhijia Health Chain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Jianzhijia and Malion New 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 Malion New Materials are associated (or correlated) with Yunnan Jianzhijia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Jianzhijia has no effect on the direction of Malion New i.e., Malion New and Yunnan Jianzhijia go up and down completely randomly.
Pair Corralation between Malion New and Yunnan Jianzhijia
Assuming the 90 days trading horizon Malion New Materials is expected to generate 1.15 times more return on investment than Yunnan Jianzhijia. However, Malion New is 1.15 times more volatile than Yunnan Jianzhijia Health Chain. It trades about -0.02 of its potential returns per unit of risk. Yunnan Jianzhijia Health Chain is currently generating about -0.05 per unit of risk. If you would invest 1,451 in Malion New Materials on October 11, 2024 and sell it today you would lose (676.00) from holding Malion New Materials or give up 46.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Malion New Materials vs. Yunnan Jianzhijia Health Chain
Performance |
| Timeline |
| Malion New Materials |
| Yunnan Jianzhijia |
Malion New and Yunnan Jianzhijia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Malion New and Yunnan Jianzhijia
The main advantage of trading using opposite Malion New and Yunnan Jianzhijia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Malion New position performs unexpectedly, Yunnan Jianzhijia 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 Yunnan Jianzhijia will offset losses from the drop in Yunnan Jianzhijia's long position.| Malion New vs. Penyao Environmental Protection | Malion New vs. Tianjin Capital Environmental | Malion New vs. Qiaoyin Environmental Tech | Malion New vs. Ningbo Fangzheng Automobile |
| Yunnan Jianzhijia vs. Shenzhen Noposion Agrochemicals | Yunnan Jianzhijia vs. Jiangsu Financial Leasing | Yunnan Jianzhijia vs. Chengdu Xingrong Investment | Yunnan Jianzhijia vs. Postal Savings Bank |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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