Correlation Between Yili Chuanning and Zhejiang Kingland
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and Zhejiang Kingland Pipeline, you can compare the effects of market volatilities on Yili Chuanning and Zhejiang Kingland 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 Zhejiang Kingland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and Zhejiang Kingland.
Diversification Opportunities for Yili Chuanning and Zhejiang Kingland
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yili and Zhejiang is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and Zhejiang Kingland Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Kingland 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 Zhejiang Kingland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Kingland has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and Zhejiang Kingland go up and down completely randomly.
Pair Corralation between Yili Chuanning and Zhejiang Kingland
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to generate 1.05 times more return on investment than Zhejiang Kingland. However, Yili Chuanning is 1.05 times more volatile than Zhejiang Kingland Pipeline. It trades about -0.39 of its potential returns per unit of risk. Zhejiang Kingland Pipeline is currently generating about -0.42 per unit of risk. If you would invest 1,264 in Yili Chuanning Biotechnology on October 16, 2024 and sell it today you would lose (137.00) from holding Yili Chuanning Biotechnology or give up 10.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. Zhejiang Kingland Pipeline
Performance |
| Timeline |
| Yili Chuanning Biote |
| Zhejiang Kingland |
Yili Chuanning and Zhejiang Kingland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and Zhejiang Kingland
The main advantage of trading using opposite Yili Chuanning and Zhejiang Kingland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, Zhejiang Kingland 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 Kingland will offset losses from the drop in Zhejiang Kingland's long position.| Yili Chuanning vs. State Grid InformationCommunication | Yili Chuanning vs. East Money Information | Yili Chuanning vs. Shenzhen SDG Information | Yili Chuanning vs. Guilin Seamild Foods |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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