Correlation Between Pengxin International and Yankershop Food
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By analyzing existing cross correlation between Pengxin International Mining and Yankershop Food Co, you can compare the effects of market volatilities on Pengxin International and Yankershop Food 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 Pengxin International with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and Yankershop Food.
Diversification Opportunities for Pengxin International and Yankershop Food
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Pengxin and Yankershop is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Pengxin International 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 Pengxin International Mining are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Pengxin International i.e., Pengxin International and Yankershop Food go up and down completely randomly.
Pair Corralation between Pengxin International and Yankershop Food
Assuming the 90 days trading horizon Pengxin International is expected to generate 1.16 times less return on investment than Yankershop Food. In addition to that, Pengxin International is 1.24 times more volatile than Yankershop Food Co. It trades about 0.01 of its total potential returns per unit of risk. Yankershop Food Co is currently generating about 0.02 per unit of volatility. If you would invest 4,742 in Yankershop Food Co on September 3, 2024 and sell it today you would earn a total of 439.00 from holding Yankershop Food Co or generate 9.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pengxin International Mining vs. Yankershop Food Co
Performance |
| Timeline |
| Pengxin International |
| Yankershop Food |
Pengxin International and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and Yankershop Food
The main advantage of trading using opposite Pengxin International and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| Pengxin International vs. Zijin Mining Group | Pengxin International vs. Baoshan Iron Steel | Pengxin International vs. Rongsheng Petrochemical Co | Pengxin International vs. Hoshine Silicon Ind |
| Yankershop Food vs. Beijing Wantai Biological | Yankershop Food vs. Aluminum Corp of | Yankershop Food vs. COL Digital Publishing | Yankershop Food vs. Shaanxi Meineng Clean |
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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