Correlation Between YiDong Electronics and Hunan TV
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By analyzing existing cross correlation between YiDong Electronics Technology and Hunan TV Broadcast, you can compare the effects of market volatilities on YiDong Electronics and Hunan TV 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 YiDong Electronics with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and Hunan TV.
Diversification Opportunities for YiDong Electronics and Hunan TV
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between YiDong and Hunan is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics Technology and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and YiDong Electronics 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 YiDong Electronics Technology are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of YiDong Electronics i.e., YiDong Electronics and Hunan TV go up and down completely randomly.
Pair Corralation between YiDong Electronics and Hunan TV
Assuming the 90 days trading horizon YiDong Electronics Technology is expected to under-perform the Hunan TV. In addition to that, YiDong Electronics is 2.44 times more volatile than Hunan TV Broadcast. It trades about -0.01 of its total potential returns per unit of risk. Hunan TV Broadcast is currently generating about 0.26 per unit of volatility. If you would invest 642.00 in Hunan TV Broadcast on November 6, 2024 and sell it today you would earn a total of 77.00 from holding Hunan TV Broadcast or generate 11.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. Hunan TV Broadcast
Performance |
| Timeline |
| YiDong Electronics |
| Hunan TV Broadcast |
YiDong Electronics and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and Hunan TV
The main advantage of trading using opposite YiDong Electronics and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| YiDong Electronics vs. Senci Electric Machinery | YiDong Electronics vs. Hainan Haiqi Transportation | YiDong Electronics vs. Lutian Machinery Co | YiDong Electronics vs. Hangzhou Zhongya Machinery |
| Hunan TV vs. Cambricon Technologies Corp | Hunan TV vs. SGSG Sciencetechnology Co | Hunan TV vs. Loongson Technology Corp | Hunan TV vs. Zhonghang Electronic Measuring |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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