Correlation Between 516220 and Yes Optoelectronics
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By analyzing existing cross correlation between 516220 and Yes Optoelectronics Co, you can compare the effects of market volatilities on 516220 and Yes Optoelectronics 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 516220 with a short position of Yes Optoelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of 516220 and Yes Optoelectronics.
Diversification Opportunities for 516220 and Yes Optoelectronics
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 516220 and Yes is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding 516220 and Yes Optoelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Optoelectronics and 516220 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 516220 are associated (or correlated) with Yes Optoelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yes Optoelectronics has no effect on the direction of 516220 i.e., 516220 and Yes Optoelectronics go up and down completely randomly.
Pair Corralation between 516220 and Yes Optoelectronics
Assuming the 90 days trading horizon 516220 is expected to generate 0.21 times more return on investment than Yes Optoelectronics. However, 516220 is 4.83 times less risky than Yes Optoelectronics. It trades about -0.34 of its potential returns per unit of risk. Yes Optoelectronics Co is currently generating about -0.23 per unit of risk. If you would invest 66.00 in 516220 on October 14, 2024 and sell it today you would lose (5.00) from holding 516220 or give up 7.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
516220 vs. Yes Optoelectronics Co
Performance |
| Timeline |
| 516220 |
| Yes Optoelectronics |
516220 and Yes Optoelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 516220 and Yes Optoelectronics
The main advantage of trading using opposite 516220 and Yes Optoelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 516220 position performs unexpectedly, Yes Optoelectronics 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 Yes Optoelectronics will offset losses from the drop in Yes Optoelectronics' long position.| 516220 vs. Shenzhen MTC Co | 516220 vs. Ming Yang Smart | 516220 vs. Changzhou Almaden Co | 516220 vs. 159681 |
| Yes Optoelectronics vs. Ningxia Younglight Chemicals | Yes Optoelectronics vs. Porton Fine Chemicals | Yes Optoelectronics vs. Duzhe Publishing Media | Yes Optoelectronics vs. Changjiang Publishing Media |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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