Correlation Between Ye Chiu and Shenyang Blue
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By analyzing existing cross correlation between Ye Chiu Metal and Shenyang Blue Silver, you can compare the effects of market volatilities on Ye Chiu and Shenyang Blue 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 Ye Chiu with a short position of Shenyang Blue. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Shenyang Blue.
Diversification Opportunities for Ye Chiu and Shenyang Blue
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 601388 and Shenyang is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and Shenyang Blue Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenyang Blue Silver and Ye Chiu 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 Ye Chiu Metal are associated (or correlated) with Shenyang Blue. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenyang Blue Silver has no effect on the direction of Ye Chiu i.e., Ye Chiu and Shenyang Blue go up and down completely randomly.
Pair Corralation between Ye Chiu and Shenyang Blue
Assuming the 90 days trading horizon Ye Chiu Metal is expected to under-perform the Shenyang Blue. But the stock apears to be less risky and, when comparing its historical volatility, Ye Chiu Metal is 1.9 times less risky than Shenyang Blue. The stock trades about -0.02 of its potential returns per unit of risk. The Shenyang Blue Silver is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 935.00 in Shenyang Blue Silver on October 13, 2024 and sell it today you would earn a total of 1,181 from holding Shenyang Blue Silver or generate 126.31% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Ye Chiu Metal vs. Shenyang Blue Silver
Performance |
Timeline |
Ye Chiu Metal |
Shenyang Blue Silver |
Ye Chiu and Shenyang Blue Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ye Chiu and Shenyang Blue
The main advantage of trading using opposite Ye Chiu and Shenyang Blue positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu position performs unexpectedly, Shenyang Blue 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 Shenyang Blue will offset losses from the drop in Shenyang Blue's long position.Ye Chiu vs. Chongqing Shunbo Aluminum | Ye Chiu vs. Ningbo Fangzheng Automobile | Ye Chiu vs. Heilongjiang Transport Development | Ye Chiu vs. Aba Chemicals Corp |
Shenyang Blue vs. Ye Chiu Metal | Shenyang Blue vs. Shanghai Newtouch Software | Shenyang Blue vs. Guangdong Jingyi Metal | Shenyang Blue vs. Guotai Epoint Software |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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