Correlation Between YiDong Electronics and Zhejiang JIULI
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By analyzing existing cross correlation between YiDong Electronics Technology and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on YiDong Electronics and Zhejiang JIULI 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 Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and Zhejiang JIULI.
Diversification Opportunities for YiDong Electronics and Zhejiang JIULI
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between YiDong and Zhejiang is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics Technology and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi 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 Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of YiDong Electronics i.e., YiDong Electronics and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between YiDong Electronics and Zhejiang JIULI
Assuming the 90 days trading horizon YiDong Electronics Technology is expected to generate 1.82 times more return on investment than Zhejiang JIULI. However, YiDong Electronics is 1.82 times more volatile than Zhejiang JIULI Hi tech. It trades about 0.04 of its potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.0 per unit of risk. If you would invest 1,923 in YiDong Electronics Technology on October 13, 2024 and sell it today you would earn a total of 270.00 from holding YiDong Electronics Technology or generate 14.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| YiDong Electronics |
| Zhejiang JIULI Hi |
YiDong Electronics and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and Zhejiang JIULI
The main advantage of trading using opposite YiDong Electronics and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics position performs unexpectedly, Zhejiang JIULI 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 Zhejiang JIULI will offset losses from the drop in Zhejiang JIULI's long position.| YiDong Electronics vs. Biwin Storage Technology | YiDong Electronics vs. PetroChina Co Ltd | YiDong Electronics vs. Industrial and Commercial | YiDong Electronics vs. China Construction Bank |
| Zhejiang JIULI vs. YiDong Electronics Technology | Zhejiang JIULI vs. Eastroc Beverage Group | Zhejiang JIULI vs. Jiangyin Jianghua Microelectronics | Zhejiang JIULI vs. Beijing Jiaman Dress |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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