Correlation Between Yili Chuanning and IRay Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yili Chuanning Biotechnology and iRay Technology Co, you can compare the effects of market volatilities on Yili Chuanning and IRay Technology 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 IRay Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and IRay Technology.
Diversification Opportunities for Yili Chuanning and IRay Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yili and IRay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology and iRay Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iRay Technology 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 IRay Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iRay Technology has no effect on the direction of Yili Chuanning i.e., Yili Chuanning and IRay Technology go up and down completely randomly.
Pair Corralation between Yili Chuanning and IRay Technology
If you would invest 871.00 in Yili Chuanning Biotechnology on September 4, 2024 and sell it today you would earn a total of 475.00 from holding Yili Chuanning Biotechnology or generate 54.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. iRay Technology Co
Performance |
| Timeline |
| Yili Chuanning Biote |
| iRay Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Yili Chuanning and IRay Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and IRay Technology
The main advantage of trading using opposite Yili Chuanning and IRay Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning position performs unexpectedly, IRay Technology 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 IRay Technology will offset losses from the drop in IRay Technology'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 |
| IRay Technology vs. Shandong Hongchuang Aluminum | IRay Technology vs. Guangdong Jingyi Metal | IRay Technology vs. Hubei Xingfa Chemicals | IRay Technology vs. Cicc Fund Management |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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