Correlation Between Shenzhen Bioeasy and Yonyou Auto
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By analyzing existing cross correlation between Shenzhen Bioeasy Biotechnology and Yonyou Auto Information, you can compare the effects of market volatilities on Shenzhen Bioeasy and Yonyou Auto 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 Shenzhen Bioeasy with a short position of Yonyou Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Bioeasy and Yonyou Auto.
Diversification Opportunities for Shenzhen Bioeasy and Yonyou Auto
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Yonyou is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Bioeasy Biotechnology and Yonyou Auto Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonyou Auto Information and Shenzhen Bioeasy 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 Shenzhen Bioeasy Biotechnology are associated (or correlated) with Yonyou Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonyou Auto Information has no effect on the direction of Shenzhen Bioeasy i.e., Shenzhen Bioeasy and Yonyou Auto go up and down completely randomly.
Pair Corralation between Shenzhen Bioeasy and Yonyou Auto
Assuming the 90 days trading horizon Shenzhen Bioeasy Biotechnology is expected to generate 2.48 times more return on investment than Yonyou Auto. However, Shenzhen Bioeasy is 2.48 times more volatile than Yonyou Auto Information. It trades about 0.17 of its potential returns per unit of risk. Yonyou Auto Information is currently generating about 0.2 per unit of risk. If you would invest 840.00 in Shenzhen Bioeasy Biotechnology on September 4, 2024 and sell it today you would earn a total of 167.00 from holding Shenzhen Bioeasy Biotechnology or generate 19.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Bioeasy Biotechnology vs. Yonyou Auto Information
Performance |
| Timeline |
| Shenzhen Bioeasy Bio |
| Yonyou Auto Information |
Shenzhen Bioeasy and Yonyou Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Bioeasy and Yonyou Auto
The main advantage of trading using opposite Shenzhen Bioeasy and Yonyou Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Bioeasy position performs unexpectedly, Yonyou Auto 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 Yonyou Auto will offset losses from the drop in Yonyou Auto's long position.| Shenzhen Bioeasy vs. Kweichow Moutai Co | Shenzhen Bioeasy vs. Shenzhen Mindray Bio Medical | Shenzhen Bioeasy vs. Jiangsu Pacific Quartz | Shenzhen Bioeasy vs. G bits Network Technology |
| Yonyou Auto vs. Shenzhen Bioeasy Biotechnology | Yonyou Auto vs. HaiXin Foods Co | Yonyou Auto vs. Ligao Foods CoLtd | Yonyou Auto vs. Guangdong Wens Foodstuff |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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