Correlation Between Sublime China and Yonyou Auto
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By analyzing existing cross correlation between Sublime China Information and Yonyou Auto Information, you can compare the effects of market volatilities on Sublime China and Yonyou Auto 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 Sublime China with a short position of Yonyou Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sublime China and Yonyou Auto.
Diversification Opportunities for Sublime China and Yonyou Auto
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sublime and Yonyou is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Sublime China Information and Yonyou Auto Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonyou Auto Information and Sublime China 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 Sublime China Information are associated (or correlated) with Yonyou Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonyou Auto Information has no effect on the direction of Sublime China i.e., Sublime China and Yonyou Auto go up and down completely randomly.
Pair Corralation between Sublime China and Yonyou Auto
Assuming the 90 days trading horizon Sublime China Information is expected to generate 2.35 times more return on investment than Yonyou Auto. However, Sublime China is 2.35 times more volatile than Yonyou Auto Information. It trades about 0.15 of its potential returns per unit of risk. Yonyou Auto Information is currently generating about -0.06 per unit of risk. If you would invest 5,584 in Sublime China Information on November 6, 2024 and sell it today you would earn a total of 2,424 from holding Sublime China Information or generate 43.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sublime China Information vs. Yonyou Auto Information
Performance |
| Timeline |
| Sublime China Information |
| Yonyou Auto Information |
Sublime China and Yonyou Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sublime China and Yonyou Auto
The main advantage of trading using opposite Sublime China and Yonyou Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sublime China position performs unexpectedly, Yonyou Auto 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 Yonyou Auto will offset losses from the drop in Yonyou Auto's long position.| Sublime China vs. Offcn Education Technology | Sublime China vs. COL Digital Publishing | Sublime China vs. Changjiang Publishing Media | Sublime China vs. Duzhe Publishing Media |
| Yonyou Auto vs. Kangping Technology Co | Yonyou Auto vs. Olympic Circuit Technology | Yonyou Auto vs. Sharetronic Data Technology | Yonyou Auto vs. Eyebright Medical 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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