Correlation Between Yili Chuanning and Sungrow Power
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and Sungrow Power Supply, you can compare the effects of market volatilities on Yili Chuanning and Sungrow Power 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 Sungrow Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and Sungrow Power.
Diversification Opportunities for Yili Chuanning and Sungrow Power
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yili and Sungrow is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and Sungrow Power Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sungrow Power Supply 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 Sungrow Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sungrow Power Supply has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and Sungrow Power go up and down completely randomly.
Pair Corralation between Yili Chuanning and Sungrow Power
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to generate 0.9 times more return on investment than Sungrow Power. However, Yili Chuanning Biotechnology is 1.11 times less risky than Sungrow Power. It trades about -0.18 of its potential returns per unit of risk. Sungrow Power Supply is currently generating about -0.27 per unit of risk. If you would invest 1,414 in Yili Chuanning Biotechnology on September 15, 2024 and sell it today you would lose (123.00) from holding Yili Chuanning Biotechnology or give up 8.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. Sungrow Power Supply
Performance |
| Timeline |
| Yili Chuanning Biote |
| Sungrow Power Supply |
Yili Chuanning and Sungrow Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and Sungrow Power
The main advantage of trading using opposite Yili Chuanning and Sungrow Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, Sungrow Power 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 Sungrow Power will offset losses from the drop in Sungrow Power's long position.| Yili Chuanning vs. Industrial and Commercial | Yili Chuanning vs. China Construction Bank | Yili Chuanning vs. Bank of China | Yili Chuanning vs. Agricultural Bank of |
| Sungrow Power vs. Zoje Resources Investment | Sungrow Power vs. Beijing Mainstreets Investment | Sungrow Power vs. Yili Chuanning Biotechnology | Sungrow Power vs. Hunan Investment Group |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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