Correlation Between Hangzhou Gisway and Yonyou Auto
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By analyzing existing cross correlation between Hangzhou Gisway Information and Yonyou Auto Information, you can compare the effects of market volatilities on Hangzhou Gisway and Yonyou Auto 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 Hangzhou Gisway with a short position of Yonyou Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Gisway and Yonyou Auto.
Diversification Opportunities for Hangzhou Gisway and Yonyou Auto
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hangzhou and Yonyou is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Gisway Information and Yonyou Auto Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonyou Auto Information and Hangzhou Gisway 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 Hangzhou Gisway Information are associated (or correlated) with Yonyou Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonyou Auto Information has no effect on the direction of Hangzhou Gisway i.e., Hangzhou Gisway and Yonyou Auto go up and down completely randomly.
Pair Corralation between Hangzhou Gisway and Yonyou Auto
Assuming the 90 days trading horizon Hangzhou Gisway is expected to generate 1.24 times less return on investment than Yonyou Auto. In addition to that, Hangzhou Gisway is 1.03 times more volatile than Yonyou Auto Information. It trades about 0.13 of its total potential returns per unit of risk. Yonyou Auto Information is currently generating about 0.17 per unit of volatility. If you would invest 1,833 in Yonyou Auto Information on September 3, 2024 and sell it today you would earn a total of 145.00 from holding Yonyou Auto Information or generate 7.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Gisway Information vs. Yonyou Auto Information
Performance |
| Timeline |
| Hangzhou Gisway Info |
| Yonyou Auto Information |
Hangzhou Gisway and Yonyou Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Gisway and Yonyou Auto
The main advantage of trading using opposite Hangzhou Gisway and Yonyou Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Gisway position performs unexpectedly, Yonyou Auto 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 Yonyou Auto will offset losses from the drop in Yonyou Auto's long position.| Hangzhou Gisway vs. Fujian Longzhou Transportation | Hangzhou Gisway vs. Hainan Haiqi Transportation | Hangzhou Gisway vs. Broadex Technologies Co | Hangzhou Gisway vs. Heilongjiang Transport Development |
| Yonyou Auto vs. Agricultural Bank of | Yonyou Auto vs. China Construction Bank | Yonyou Auto vs. Postal Savings Bank | Yonyou Auto 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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