Correlation Between Yili Chuanning and Mango Excellent
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and Mango Excellent Media, you can compare the effects of market volatilities on Yili Chuanning and Mango Excellent 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 Mango Excellent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and Mango Excellent.
Diversification Opportunities for Yili Chuanning and Mango Excellent
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Yili and Mango is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and Mango Excellent Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mango Excellent Media 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 Mango Excellent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mango Excellent Media has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and Mango Excellent go up and down completely randomly.
Pair Corralation between Yili Chuanning and Mango Excellent
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to under-perform the Mango Excellent. But the stock apears to be less risky and, when comparing its historical volatility, Yili Chuanning Biotechnology is 1.29 times less risky than Mango Excellent. The stock trades about -0.12 of its potential returns per unit of risk. The Mango Excellent Media is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 2,882 in Mango Excellent Media on October 30, 2024 and sell it today you would lose (104.00) from holding Mango Excellent Media or give up 3.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. Mango Excellent Media
Performance |
| Timeline |
| Yili Chuanning Biote |
| Mango Excellent Media |
Yili Chuanning and Mango Excellent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and Mango Excellent
The main advantage of trading using opposite Yili Chuanning and Mango Excellent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, Mango Excellent 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 Mango Excellent will offset losses from the drop in Mango Excellent's long position.| Yili Chuanning vs. Huizhou Speed Wireless | Yili Chuanning vs. Lontium Semiconductor Corp | Yili Chuanning vs. Southern PublishingMedia Co | Yili Chuanning vs. Shandong Publishing Media |
| Mango Excellent vs. Jilin Jlu Communication | Mango Excellent vs. Bank of Communications | Mango Excellent vs. Runjian Communication Co | Mango Excellent vs. Shanghai Rightongene 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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