Correlation Between Yili Chuanning and Hainan Haiqi
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Yili Chuanning and Hainan Haiqi 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 Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and Hainan Haiqi.
Diversification Opportunities for Yili Chuanning and Hainan Haiqi
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yili and Hainan is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo 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 Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Yili Chuanning and Hainan Haiqi
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to generate 1.07 times more return on investment than Hainan Haiqi. However, Yili Chuanning is 1.07 times more volatile than Hainan Haiqi Transportation. It trades about 0.05 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about 0.02 per unit of risk. If you would invest 923.00 in Yili Chuanning Biotechnology on September 4, 2024 and sell it today you would earn a total of 423.00 from holding Yili Chuanning Biotechnology or generate 45.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Yili Chuanning Biote |
| Hainan Haiqi Transpo |
Yili Chuanning and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and Hainan Haiqi
The main advantage of trading using opposite Yili Chuanning and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Yili Chuanning vs. Yonyou Auto Information | Yili Chuanning vs. Dhc Software Co | Yili Chuanning vs. Dareway Software Co | Yili Chuanning vs. Emdoor Information Co |
| Hainan Haiqi vs. Bank of China | Hainan Haiqi vs. Kweichow Moutai Co | Hainan Haiqi vs. PetroChina Co Ltd | Hainan Haiqi vs. Bank of Communications |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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