Correlation Between Yili Chuanning and ButOne Information
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and ButOne Information Corp, you can compare the effects of market volatilities on Yili Chuanning and ButOne Information 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 ButOne Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and ButOne Information.
Diversification Opportunities for Yili Chuanning and ButOne Information
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yili and ButOne is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and ButOne Information Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ButOne Information Corp 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 ButOne Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ButOne Information Corp has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and ButOne Information go up and down completely randomly.
Pair Corralation between Yili Chuanning and ButOne Information
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to generate 1.02 times more return on investment than ButOne Information. However, Yili Chuanning is 1.02 times more volatile than ButOne Information Corp. It trades about 0.03 of its potential returns per unit of risk. ButOne Information Corp is currently generating about 0.0 per unit of risk. If you would invest 894.00 in Yili Chuanning Biotechnology on October 16, 2024 and sell it today you would earn a total of 233.00 from holding Yili Chuanning Biotechnology or generate 26.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. ButOne Information Corp
Performance |
| Timeline |
| Yili Chuanning Biote |
| ButOne Information Corp |
Yili Chuanning and ButOne Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and ButOne Information
The main advantage of trading using opposite Yili Chuanning and ButOne Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, ButOne Information 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 ButOne Information will offset losses from the drop in ButOne Information'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 |
| ButOne Information vs. Jinhe Biotechnology Co | ButOne Information vs. Liaoning Chengda Biotechnology | ButOne Information vs. Yili Chuanning Biotechnology | ButOne Information vs. Jiangsu Phoenix Publishing |
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