Correlation Between Yoantion Industrial and Beijing Mainstreets
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By analyzing existing cross correlation between Yoantion Industrial IncLtd and Beijing Mainstreets Investment, you can compare the effects of market volatilities on Yoantion Industrial and Beijing Mainstreets 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 Yoantion Industrial with a short position of Beijing Mainstreets. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yoantion Industrial and Beijing Mainstreets.
Diversification Opportunities for Yoantion Industrial and Beijing Mainstreets
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yoantion and Beijing is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Yoantion Industrial IncLtd and Beijing Mainstreets Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Mainstreets and Yoantion Industrial 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 Yoantion Industrial IncLtd are associated (or correlated) with Beijing Mainstreets. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Mainstreets has no effect on the direction of Yoantion Industrial i.e., Yoantion Industrial and Beijing Mainstreets go up and down completely randomly.
Pair Corralation between Yoantion Industrial and Beijing Mainstreets
Assuming the 90 days trading horizon Yoantion Industrial IncLtd is expected to generate 0.97 times more return on investment than Beijing Mainstreets. However, Yoantion Industrial IncLtd is 1.03 times less risky than Beijing Mainstreets. It trades about 0.01 of its potential returns per unit of risk. Beijing Mainstreets Investment is currently generating about -0.1 per unit of risk. If you would invest 2,620 in Yoantion Industrial IncLtd on September 4, 2024 and sell it today you would lose (335.00) from holding Yoantion Industrial IncLtd or give up 12.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yoantion Industrial IncLtd vs. Beijing Mainstreets Investment
Performance |
| Timeline |
| Yoantion Industrial |
| Beijing Mainstreets |
Yoantion Industrial and Beijing Mainstreets Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yoantion Industrial and Beijing Mainstreets
The main advantage of trading using opposite Yoantion Industrial and Beijing Mainstreets positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yoantion Industrial position performs unexpectedly, Beijing Mainstreets 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 Beijing Mainstreets will offset losses from the drop in Beijing Mainstreets' long position.| Yoantion Industrial vs. Chengdu Kanghua Biological | Yoantion Industrial vs. Beijing Wantai Biological | Yoantion Industrial vs. Suzhou Novoprotein Scientific | Yoantion Industrial vs. Aluminum Corp of |
| Beijing Mainstreets vs. UE Furniture Co | Beijing Mainstreets vs. Super Dragon Engineering Plastics | Beijing Mainstreets vs. Xinke Material | Beijing Mainstreets vs. Fuda Alloy Materials |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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