Correlation Between Yoantion Industrial and Dow Jones
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By analyzing existing cross correlation between Yoantion Industrial IncLtd and Dow Jones Industrial, you can compare the effects of market volatilities on Yoantion Industrial and Dow Jones 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 Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yoantion Industrial and Dow Jones.
Diversification Opportunities for Yoantion Industrial and Dow Jones
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yoantion and Dow is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Yoantion Industrial IncLtd and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial 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 Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Yoantion Industrial i.e., Yoantion Industrial and Dow Jones go up and down completely randomly.
Pair Corralation between Yoantion Industrial and Dow Jones
Assuming the 90 days trading horizon Yoantion Industrial IncLtd is expected to generate 2.07 times more return on investment than Dow Jones. However, Yoantion Industrial is 2.07 times more volatile than Dow Jones Industrial. It trades about 0.25 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about -0.19 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 Together |
| Strength | Weak |
| Accuracy | 76.19% |
| Values | Daily Returns |
Yoantion Industrial IncLtd vs. Dow Jones Industrial
Performance |
| Timeline |
Yoantion Industrial and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Yoantion Industrial IncLtd
Pair trading matchups for Yoantion Industrial
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Yoantion Industrial and Dow Jones
The main advantage of trading using opposite Yoantion Industrial and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yoantion Industrial position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' 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 |
| Dow Jones vs. Gladstone Investment | Dow Jones vs. BW Offshore Limited | Dow Jones vs. Fidus Investment Corp | Dow Jones vs. Aperture Health |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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