Correlation Between Loctek Ergonomic and Yes Optoelectronics
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By analyzing existing cross correlation between Loctek Ergonomic Technology and Yes Optoelectronics Co, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of Yes Optoelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and Yes Optoelectronics.
Diversification Opportunities for Loctek Ergonomic and Yes Optoelectronics
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Loctek and Yes is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology and Yes Optoelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Optoelectronics and Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and Yes Optoelectronics go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and Yes Optoelectronics
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to generate 0.41 times more return on investment than Yes Optoelectronics. However, Loctek Ergonomic Technology is 2.46 times less risky than Yes Optoelectronics. It trades about -0.32 of its potential returns per unit of risk. Yes Optoelectronics Co is currently generating about -0.23 per unit of risk. If you would invest 1,707 in Loctek Ergonomic Technology on October 14, 2024 and sell it today you would lose (237.00) from holding Loctek Ergonomic Technology or give up 13.88% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Loctek Ergonomic Technology vs. Yes Optoelectronics Co
Performance |
Timeline |
Loctek Ergonomic Tec |
Yes Optoelectronics |
Loctek Ergonomic and Yes Optoelectronics Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Loctek Ergonomic and Yes Optoelectronics
The main advantage of trading using opposite Loctek Ergonomic and Yes Optoelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.Loctek Ergonomic vs. Bingo Software Co | Loctek Ergonomic vs. Kuangda Technology Group | Loctek Ergonomic vs. Holitech Technology Co | Loctek Ergonomic vs. Soyea Technology Co |
Yes Optoelectronics vs. Ningxia Younglight Chemicals | Yes Optoelectronics vs. Porton Fine Chemicals | Yes Optoelectronics vs. Duzhe Publishing Media | Yes Optoelectronics vs. Changjiang Publishing Media |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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