Correlation Between Yoantion Industrial and China Petroleum
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By analyzing existing cross correlation between Yoantion Industrial IncLtd and China Petroleum Chemical, you can compare the effects of market volatilities on Yoantion Industrial and China Petroleum 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 China Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yoantion Industrial and China Petroleum.
Diversification Opportunities for Yoantion Industrial and China Petroleum
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yoantion and China is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Yoantion Industrial IncLtd and China Petroleum Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Petroleum Chemical 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 China Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Petroleum Chemical has no effect on the direction of Yoantion Industrial i.e., Yoantion Industrial and China Petroleum go up and down completely randomly.
Pair Corralation between Yoantion Industrial and China Petroleum
Assuming the 90 days trading horizon Yoantion Industrial IncLtd is expected to generate 2.09 times more return on investment than China Petroleum. However, Yoantion Industrial is 2.09 times more volatile than China Petroleum Chemical. It trades about 0.25 of its potential returns per unit of risk. China Petroleum Chemical is currently generating about -0.44 per unit of risk. If you would invest 2,131 in Yoantion Industrial IncLtd on November 28, 2024 and sell it today you would earn a total of 107.00 from holding Yoantion Industrial IncLtd or generate 5.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yoantion Industrial IncLtd vs. China Petroleum Chemical
Performance |
| Timeline |
| Yoantion Industrial |
| China Petroleum Chemical |
Yoantion Industrial and China Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yoantion Industrial and China Petroleum
The main advantage of trading using opposite Yoantion Industrial and China Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yoantion Industrial position performs unexpectedly, China Petroleum 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 China Petroleum will offset losses from the drop in China Petroleum's long position.| Yoantion Industrial vs. CIMC Vehicles Co | Yoantion Industrial vs. Hainan Airlines Co | Yoantion Industrial vs. Haima Automobile Group | Yoantion Industrial vs. Meinian Onehealth Healthcare |
| China Petroleum vs. Guolin Environmental Tech | China Petroleum vs. Konfoong Materials International | China Petroleum vs. Advanced Technology Materials | China Petroleum vs. Suzhou Xingye Material |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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