Correlation Between Yili Chuanning and Taihai Manoir
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and Taihai Manoir Nuclear, you can compare the effects of market volatilities on Yili Chuanning and Taihai Manoir 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 Yili Chuanning with a short position of Taihai Manoir. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and Taihai Manoir.
Diversification Opportunities for Yili Chuanning and Taihai Manoir
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Yili and Taihai is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and Taihai Manoir Nuclear in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Taihai Manoir Nuclear and Yili Chuanning 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 Yili Chuanning Biotechnology are associated (or correlated) with Taihai Manoir. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Taihai Manoir Nuclear has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and Taihai Manoir go up and down completely randomly.
Pair Corralation between Yili Chuanning and Taihai Manoir
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to under-perform the Taihai Manoir. But the stock apears to be less risky and, when comparing its historical volatility, Yili Chuanning Biotechnology is 1.97 times less risky than Taihai Manoir. The stock trades about -0.23 of its potential returns per unit of risk. The Taihai Manoir Nuclear is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 473.00 in Taihai Manoir Nuclear on September 13, 2024 and sell it today you would earn a total of 78.00 from holding Taihai Manoir Nuclear or generate 16.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. Taihai Manoir Nuclear
Performance |
| Timeline |
| Yili Chuanning Biote |
| Taihai Manoir Nuclear |
Yili Chuanning and Taihai Manoir Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and Taihai Manoir
The main advantage of trading using opposite Yili Chuanning and Taihai Manoir positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, Taihai Manoir 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 Taihai Manoir will offset losses from the drop in Taihai Manoir's long position.| Yili Chuanning vs. BYD Co Ltd | Yili Chuanning vs. China Mobile Limited | Yili Chuanning vs. Agricultural Bank of | Yili Chuanning vs. Industrial and Commercial |
| Taihai Manoir vs. Yili Chuanning Biotechnology | Taihai Manoir vs. ROPEOK Technology Group | Taihai Manoir vs. Tianjin Ruixin Technology | Taihai Manoir vs. Changchun BCHT Biotechnology |
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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