Correlation Between Youngor Group and Chongqing Gas
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By analyzing existing cross correlation between Youngor Group Co and Chongqing Gas Grp, you can compare the effects of market volatilities on Youngor Group and Chongqing Gas 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 Youngor Group with a short position of Chongqing Gas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngor Group and Chongqing Gas.
Diversification Opportunities for Youngor Group and Chongqing Gas
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Youngor and Chongqing is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Youngor Group Co and Chongqing Gas Grp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chongqing Gas Grp and Youngor Group 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 Youngor Group Co are associated (or correlated) with Chongqing Gas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chongqing Gas Grp has no effect on the direction of Youngor Group i.e., Youngor Group and Chongqing Gas go up and down completely randomly.
Pair Corralation between Youngor Group and Chongqing Gas
Assuming the 90 days trading horizon Youngor Group Co is expected to generate 1.01 times more return on investment than Chongqing Gas. However, Youngor Group is 1.01 times more volatile than Chongqing Gas Grp. It trades about 0.03 of its potential returns per unit of risk. Chongqing Gas Grp is currently generating about 0.02 per unit of risk. If you would invest 739.00 in Youngor Group Co on November 3, 2024 and sell it today you would earn a total of 77.00 from holding Youngor Group Co or generate 10.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngor Group Co vs. Chongqing Gas Grp
Performance |
| Timeline |
| Youngor Group |
| Chongqing Gas Grp |
Youngor Group and Chongqing Gas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngor Group and Chongqing Gas
The main advantage of trading using opposite Youngor Group and Chongqing Gas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngor Group position performs unexpectedly, Chongqing Gas 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 Chongqing Gas will offset losses from the drop in Chongqing Gas' long position.| Youngor Group vs. Anji Foodstuff Co | Youngor Group vs. Qingdao Foods Co | Youngor Group vs. Jiajia Food Group | Youngor Group vs. Suzhou Weizhixiang Food |
| Chongqing Gas vs. Shengda Mining Co | Chongqing Gas vs. Quectel Wireless Solutions | Chongqing Gas vs. JCHX Mining Management | Chongqing Gas vs. Nanxing Furniture Machinery |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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