Correlation Between Zhejiang Yayi and Bus Online
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By analyzing existing cross correlation between Zhejiang Yayi Metal and Bus Online Co, you can compare the effects of market volatilities on Zhejiang Yayi and Bus Online 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 Zhejiang Yayi with a short position of Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yayi and Bus Online.
Diversification Opportunities for Zhejiang Yayi and Bus Online
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Zhejiang and Bus is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yayi Metal and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online and Zhejiang Yayi 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 Zhejiang Yayi Metal are associated (or correlated) with Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of Zhejiang Yayi i.e., Zhejiang Yayi and Bus Online go up and down completely randomly.
Pair Corralation between Zhejiang Yayi and Bus Online
Assuming the 90 days trading horizon Zhejiang Yayi Metal is expected to generate 1.16 times more return on investment than Bus Online. However, Zhejiang Yayi is 1.16 times more volatile than Bus Online Co. It trades about 0.06 of its potential returns per unit of risk. Bus Online Co is currently generating about 0.01 per unit of risk. If you would invest 1,958 in Zhejiang Yayi Metal on September 27, 2024 and sell it today you would earn a total of 370.00 from holding Zhejiang Yayi Metal or generate 18.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Yayi Metal vs. Bus Online Co
Performance |
| Timeline |
| Zhejiang Yayi Metal |
| Bus Online |
Zhejiang Yayi and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yayi and Bus Online
The main advantage of trading using opposite Zhejiang Yayi and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yayi position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| Zhejiang Yayi vs. Agricultural Bank of | Zhejiang Yayi vs. Industrial and Commercial | Zhejiang Yayi vs. Bank of China | Zhejiang Yayi vs. China Construction Bank |
| Bus Online vs. Industrial and Commercial | Bus Online vs. Agricultural Bank of | Bus Online vs. China Construction Bank | Bus Online vs. Bank of China |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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