Correlation Between Zhejiang Yayi and China Sports
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By analyzing existing cross correlation between Zhejiang Yayi Metal and China Sports Industry, you can compare the effects of market volatilities on Zhejiang Yayi and China Sports 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 China Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yayi and China Sports.
Diversification Opportunities for Zhejiang Yayi and China Sports
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zhejiang and China is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yayi Metal and China Sports Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Sports Industry 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 China Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Sports Industry has no effect on the direction of Zhejiang Yayi i.e., Zhejiang Yayi and China Sports go up and down completely randomly.
Pair Corralation between Zhejiang Yayi and China Sports
Assuming the 90 days trading horizon Zhejiang Yayi Metal is expected to generate 1.72 times more return on investment than China Sports. However, Zhejiang Yayi is 1.72 times more volatile than China Sports Industry. It trades about 0.07 of its potential returns per unit of risk. China Sports Industry is currently generating about 0.11 per unit of risk. If you would invest 2,380 in Zhejiang Yayi Metal on November 22, 2024 and sell it today you would earn a total of 50.00 from holding Zhejiang Yayi Metal or generate 2.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Yayi Metal vs. China Sports Industry
Performance |
| Timeline |
| Zhejiang Yayi Metal |
| China Sports Industry |
Zhejiang Yayi and China Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yayi and China Sports
The main advantage of trading using opposite Zhejiang Yayi and China Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yayi position performs unexpectedly, China Sports 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 Sports will offset losses from the drop in China Sports' long position.| Zhejiang Yayi vs. Allgens Medical Technology | Zhejiang Yayi vs. Science Environmental Protection | Zhejiang Yayi vs. Anhui Fuhuang Steel | Zhejiang Yayi vs. Changjiang Jinggong Steel |
| China Sports vs. Anhui Transport Consulting | China Sports vs. Lutian Machinery Co | China Sports vs. Zhengping RoadBridge Constr | China Sports vs. Guizhou BroadcastingTV Info |
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 CEOs Directory module to screen CEOs from public companies around the world.
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