Correlation Between Iat Automobile and JuneYao Dairy
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By analyzing existing cross correlation between Iat Automobile Technology and JuneYao Dairy Co, you can compare the effects of market volatilities on Iat Automobile and JuneYao Dairy 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 Iat Automobile with a short position of JuneYao Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and JuneYao Dairy.
Diversification Opportunities for Iat Automobile and JuneYao Dairy
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Iat and JuneYao is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and JuneYao Dairy Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JuneYao Dairy and Iat Automobile 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 Iat Automobile Technology are associated (or correlated) with JuneYao Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JuneYao Dairy has no effect on the direction of Iat Automobile i.e., Iat Automobile and JuneYao Dairy go up and down completely randomly.
Pair Corralation between Iat Automobile and JuneYao Dairy
Assuming the 90 days trading horizon Iat Automobile Technology is expected to generate 0.86 times more return on investment than JuneYao Dairy. However, Iat Automobile Technology is 1.16 times less risky than JuneYao Dairy. It trades about -0.02 of its potential returns per unit of risk. JuneYao Dairy Co is currently generating about -0.08 per unit of risk. If you would invest 1,230 in Iat Automobile Technology on October 30, 2024 and sell it today you would lose (57.00) from holding Iat Automobile Technology or give up 4.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. JuneYao Dairy Co
Performance |
| Timeline |
| Iat Automobile Technology |
| JuneYao Dairy |
Iat Automobile and JuneYao Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and JuneYao Dairy
The main advantage of trading using opposite Iat Automobile and JuneYao Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, JuneYao Dairy 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 JuneYao Dairy will offset losses from the drop in JuneYao Dairy's long position.| Iat Automobile vs. China Asset Management | Iat Automobile vs. Zhongzhu Medical Holdings | Iat Automobile vs. Allgens Medical Technology | Iat Automobile vs. Xiangyu Medical Co |
| JuneYao Dairy vs. Hunan Mendale Hometextile | JuneYao Dairy vs. DO Home Collection | JuneYao Dairy vs. Shanghai CEO Environmental | JuneYao Dairy vs. UE Furniture Co |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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