Correlation Between Zhejiang Yayi and China Marine
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhejiang Yayi Metal and China Marine Information, you can compare the effects of market volatilities on Zhejiang Yayi and China Marine 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 Marine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yayi and China Marine.
Diversification Opportunities for Zhejiang Yayi and China Marine
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Zhejiang and China is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yayi Metal and China Marine Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Marine Information 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 Marine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Marine Information has no effect on the direction of Zhejiang Yayi i.e., Zhejiang Yayi and China Marine go up and down completely randomly.
Pair Corralation between Zhejiang Yayi and China Marine
Assuming the 90 days trading horizon Zhejiang Yayi Metal is expected to generate 1.39 times more return on investment than China Marine. However, Zhejiang Yayi is 1.39 times more volatile than China Marine Information. It trades about 0.02 of its potential returns per unit of risk. China Marine Information is currently generating about 0.02 per unit of risk. If you would invest 2,773 in Zhejiang Yayi Metal on September 4, 2024 and sell it today you would lose (28.00) from holding Zhejiang Yayi Metal or give up 1.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Yayi Metal vs. China Marine Information
Performance |
| Timeline |
| Zhejiang Yayi Metal |
| China Marine Information |
Zhejiang Yayi and China Marine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yayi and China Marine
The main advantage of trading using opposite Zhejiang Yayi and China Marine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yayi position performs unexpectedly, China Marine 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 Marine will offset losses from the drop in China Marine's long position.| Zhejiang Yayi vs. Industrial and Commercial | Zhejiang Yayi vs. Agricultural Bank of | Zhejiang Yayi vs. China Construction Bank | Zhejiang Yayi vs. Bank of China |
| China Marine vs. Jiangnan Mould Plastic | China Marine vs. Sinofibers Technology Co | China Marine vs. Tianjin Pengling Rubber | China Marine vs. Guangzhou KingTeller Technology |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |