Correlation Between Yunnan Bowin and Northking Information
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By analyzing existing cross correlation between Yunnan Bowin Technology and Northking Information Technology, you can compare the effects of market volatilities on Yunnan Bowin and Northking Information 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 Yunnan Bowin with a short position of Northking Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Bowin and Northking Information.
Diversification Opportunities for Yunnan Bowin and Northking Information
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yunnan and Northking is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Bowin Technology and Northking Information Technolo in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northking Information and Yunnan Bowin 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 Yunnan Bowin Technology are associated (or correlated) with Northking Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northking Information has no effect on the direction of Yunnan Bowin i.e., Yunnan Bowin and Northking Information go up and down completely randomly.
Pair Corralation between Yunnan Bowin and Northking Information
Assuming the 90 days trading horizon Yunnan Bowin Technology is expected to generate 0.88 times more return on investment than Northking Information. However, Yunnan Bowin Technology is 1.13 times less risky than Northking Information. It trades about 0.13 of its potential returns per unit of risk. Northking Information Technology is currently generating about -0.07 per unit of risk. If you would invest 720.00 in Yunnan Bowin Technology on September 12, 2024 and sell it today you would earn a total of 47.00 from holding Yunnan Bowin Technology or generate 6.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Bowin Technology vs. Northking Information Technolo
Performance |
| Timeline |
| Yunnan Bowin Technology |
| Northking Information |
Yunnan Bowin and Northking Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Bowin and Northking Information
The main advantage of trading using opposite Yunnan Bowin and Northking Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Bowin position performs unexpectedly, Northking Information 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 Northking Information will offset losses from the drop in Northking Information's long position.| Yunnan Bowin vs. PKU HealthCare Corp | Yunnan Bowin vs. Dezhan HealthCare Co | Yunnan Bowin vs. Zhongshan Public Utilities | Yunnan Bowin vs. Fujian Newland Computer |
| Northking Information vs. Gansu Jiu Steel | Northking Information vs. Shandong Mining Machinery | Northking Information vs. Aba Chemicals Corp | Northking Information vs. BlueFocus Communication Group |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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