Correlation Between YiDong Electronics and Sino Platinum
Specify exactly 2 symbols:
By analyzing existing cross correlation between YiDong Electronics Technology and Sino Platinum Metals Co, you can compare the effects of market volatilities on YiDong Electronics and Sino Platinum 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 Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and Sino Platinum.
Diversification Opportunities for YiDong Electronics and Sino Platinum
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between YiDong and Sino is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics Technology and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum Metals 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 Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of YiDong Electronics i.e., YiDong Electronics and Sino Platinum go up and down completely randomly.
Pair Corralation between YiDong Electronics and Sino Platinum
Assuming the 90 days trading horizon YiDong Electronics Technology is expected to generate 4.21 times more return on investment than Sino Platinum. However, YiDong Electronics is 4.21 times more volatile than Sino Platinum Metals Co. It trades about 0.1 of its potential returns per unit of risk. Sino Platinum Metals Co is currently generating about -0.24 per unit of risk. If you would invest 2,048 in YiDong Electronics Technology on October 15, 2024 and sell it today you would earn a total of 145.00 from holding YiDong Electronics Technology or generate 7.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. Sino Platinum Metals Co
Performance |
| Timeline |
| YiDong Electronics |
| Sino Platinum Metals |
YiDong Electronics and Sino Platinum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and Sino Platinum
The main advantage of trading using opposite YiDong Electronics and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum's long position.| YiDong Electronics vs. GuoChuang Software Co | YiDong Electronics vs. Zhongshan Public Utilities | YiDong Electronics vs. Unisplendour Corp | YiDong Electronics vs. Xiamen Bank Co |
| Sino Platinum vs. Guangdong Marubi Biotechnology | Sino Platinum vs. YiDong Electronics Technology | Sino Platinum vs. TongFu Microelectronics Co | Sino Platinum vs. Epoxy Base Electronic |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Stocks Directory Find actively traded stocks across global markets |