Correlation Between China Marine and Ye Chiu
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By analyzing existing cross correlation between China Marine Information and Ye Chiu Metal, you can compare the effects of market volatilities on China Marine and Ye Chiu 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 China Marine with a short position of Ye Chiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Marine and Ye Chiu.
Diversification Opportunities for China Marine and Ye Chiu
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and 601388 is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding China Marine Information and Ye Chiu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ye Chiu Metal and China Marine 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 China Marine Information are associated (or correlated) with Ye Chiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ye Chiu Metal has no effect on the direction of China Marine i.e., China Marine and Ye Chiu go up and down completely randomly.
Pair Corralation between China Marine and Ye Chiu
Assuming the 90 days trading horizon China Marine Information is expected to generate 1.16 times more return on investment than Ye Chiu. However, China Marine is 1.16 times more volatile than Ye Chiu Metal. It trades about 0.1 of its potential returns per unit of risk. Ye Chiu Metal is currently generating about 0.06 per unit of risk. If you would invest 1,998 in China Marine Information on September 3, 2024 and sell it today you would earn a total of 751.00 from holding China Marine Information or generate 37.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Marine Information vs. Ye Chiu Metal
Performance |
| Timeline |
| China Marine Information |
| Ye Chiu Metal |
China Marine and Ye Chiu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Marine and Ye Chiu
The main advantage of trading using opposite China Marine and Ye Chiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Marine position performs unexpectedly, Ye Chiu 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 Ye Chiu will offset losses from the drop in Ye Chiu's long position.| China Marine vs. Pengxin International Mining | China Marine vs. Zhejiang Yayi Metal | China Marine vs. Anhui Transport Consulting | China Marine vs. Western Metal Materials |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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