Correlation Between YiDong Electronics and Puya Semiconductor
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By analyzing existing cross correlation between YiDong Electronics Technology and Puya Semiconductor Shanghai, you can compare the effects of market volatilities on YiDong Electronics and Puya Semiconductor 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 Puya Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and Puya Semiconductor.
Diversification Opportunities for YiDong Electronics and Puya Semiconductor
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between YiDong and Puya is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics Technology and Puya Semiconductor Shanghai in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Puya Semiconductor 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 Puya Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Puya Semiconductor has no effect on the direction of YiDong Electronics i.e., YiDong Electronics and Puya Semiconductor go up and down completely randomly.
Pair Corralation between YiDong Electronics and Puya Semiconductor
Assuming the 90 days trading horizon YiDong Electronics is expected to generate 1.07 times less return on investment than Puya Semiconductor. In addition to that, YiDong Electronics is 1.24 times more volatile than Puya Semiconductor Shanghai. It trades about 0.08 of its total potential returns per unit of risk. Puya Semiconductor Shanghai is currently generating about 0.1 per unit of volatility. If you would invest 10,019 in Puya Semiconductor Shanghai on November 3, 2024 and sell it today you would earn a total of 810.00 from holding Puya Semiconductor Shanghai or generate 8.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. Puya Semiconductor Shanghai
Performance |
| Timeline |
| YiDong Electronics |
| Puya Semiconductor |
YiDong Electronics and Puya Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and Puya Semiconductor
The main advantage of trading using opposite YiDong Electronics and Puya Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics position performs unexpectedly, Puya Semiconductor 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 Puya Semiconductor will offset losses from the drop in Puya Semiconductor's long position.| YiDong Electronics vs. 360 Security Technology | YiDong Electronics vs. Tongyu Communication | YiDong Electronics vs. Shuhua Sports Co | YiDong Electronics vs. Simei Media Co |
| Puya Semiconductor vs. Huatian Hotel Group | Puya Semiconductor vs. BTG Hotels Group | Puya Semiconductor vs. Jiangsu Phoenix Publishing | Puya Semiconductor vs. Xinjiang Qingsong Building |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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