Correlation Between Chengtun Mining and Youngy Health
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By analyzing existing cross correlation between Chengtun Mining Group and Youngy Health Co, you can compare the effects of market volatilities on Chengtun Mining and Youngy Health 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 Chengtun Mining with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and Youngy Health.
Diversification Opportunities for Chengtun Mining and Youngy Health
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Chengtun and Youngy is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and Chengtun Mining 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 Chengtun Mining Group are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Chengtun Mining i.e., Chengtun Mining and Youngy Health go up and down completely randomly.
Pair Corralation between Chengtun Mining and Youngy Health
Assuming the 90 days trading horizon Chengtun Mining Group is expected to generate 0.61 times more return on investment than Youngy Health. However, Chengtun Mining Group is 1.65 times less risky than Youngy Health. It trades about 0.08 of its potential returns per unit of risk. Youngy Health Co is currently generating about -0.13 per unit of risk. If you would invest 482.00 in Chengtun Mining Group on October 30, 2024 and sell it today you would earn a total of 24.00 from holding Chengtun Mining Group or generate 4.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengtun Mining Group vs. Youngy Health Co
Performance |
| Timeline |
| Chengtun Mining Group |
| Youngy Health |
Chengtun Mining and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengtun Mining and Youngy Health
The main advantage of trading using opposite Chengtun Mining and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining position performs unexpectedly, Youngy Health 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| Chengtun Mining vs. China Satellite Communications | Chengtun Mining vs. Ningxia Younglight Chemicals | Chengtun Mining vs. BizConf Telecom Co | Chengtun Mining vs. Railway Signal Communication |
| Youngy Health vs. Jiangxi Hengda Hi Tech | Youngy Health vs. Fujian Newland Computer | Youngy Health vs. 360 Security Technology | Youngy Health vs. Beijing Seeyon Internet |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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