Correlation Between Gansu Yasheng and Yunnan Xiyi
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By analyzing existing cross correlation between Gansu Yasheng Industrial and Yunnan Xiyi Industrial, you can compare the effects of market volatilities on Gansu Yasheng and Yunnan Xiyi 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 Gansu Yasheng with a short position of Yunnan Xiyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gansu Yasheng and Yunnan Xiyi.
Diversification Opportunities for Gansu Yasheng and Yunnan Xiyi
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Gansu and Yunnan is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Gansu Yasheng Industrial and Yunnan Xiyi Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Xiyi Industrial and Gansu Yasheng 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 Gansu Yasheng Industrial are associated (or correlated) with Yunnan Xiyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Xiyi Industrial has no effect on the direction of Gansu Yasheng i.e., Gansu Yasheng and Yunnan Xiyi go up and down completely randomly.
Pair Corralation between Gansu Yasheng and Yunnan Xiyi
Assuming the 90 days trading horizon Gansu Yasheng Industrial is expected to generate 0.29 times more return on investment than Yunnan Xiyi. However, Gansu Yasheng Industrial is 3.44 times less risky than Yunnan Xiyi. It trades about 0.02 of its potential returns per unit of risk. Yunnan Xiyi Industrial is currently generating about -0.15 per unit of risk. If you would invest 280.00 in Gansu Yasheng Industrial on November 28, 2024 and sell it today you would earn a total of 1.00 from holding Gansu Yasheng Industrial or generate 0.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gansu Yasheng Industrial vs. Yunnan Xiyi Industrial
Performance |
| Timeline |
| Gansu Yasheng Industrial |
| Yunnan Xiyi Industrial |
Gansu Yasheng and Yunnan Xiyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gansu Yasheng and Yunnan Xiyi
The main advantage of trading using opposite Gansu Yasheng and Yunnan Xiyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gansu Yasheng position performs unexpectedly, Yunnan Xiyi 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 Yunnan Xiyi will offset losses from the drop in Yunnan Xiyi's long position.| Gansu Yasheng vs. Kidswant Children Products | Gansu Yasheng vs. Suzhou Douson Drilling | Gansu Yasheng vs. Shaanxi Meineng Clean | Gansu Yasheng vs. Shandong Longquan Pipeline |
| Yunnan Xiyi vs. Anhui Jianghuai Automobile | Yunnan Xiyi vs. Xiangyang Automobile Bearing | Yunnan Xiyi vs. Dongfeng Automobile Co | Yunnan Xiyi vs. Shenzhen Kexin Communication |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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