Correlation Between Ye Chiu and Rising Nonferrous
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By analyzing existing cross correlation between Ye Chiu Metal and Rising Nonferrous Metals, you can compare the effects of market volatilities on Ye Chiu and Rising Nonferrous 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 Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Rising Nonferrous.
Diversification Opportunities for Ye Chiu and Rising Nonferrous
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 601388 and Rising is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals 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 Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Ye Chiu i.e., Ye Chiu and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Ye Chiu and Rising Nonferrous
Assuming the 90 days trading horizon Ye Chiu Metal is expected to under-perform the Rising Nonferrous. But the stock apears to be less risky and, when comparing its historical volatility, Ye Chiu Metal is 1.39 times less risky than Rising Nonferrous. The stock trades about -0.55 of its potential returns per unit of risk. The Rising Nonferrous Metals is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 3,042 in Rising Nonferrous Metals on October 12, 2024 and sell it today you would lose (87.00) from holding Rising Nonferrous Metals or give up 2.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ye Chiu Metal vs. Rising Nonferrous Metals
Performance |
| Timeline |
| Ye Chiu Metal |
| Rising Nonferrous Metals |
Ye Chiu and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and Rising Nonferrous
The main advantage of trading using opposite Ye Chiu and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' long position.| Ye Chiu vs. Zhangjiagang Freetrade Science | Ye Chiu vs. Luolai Home Textile | Ye Chiu vs. Jason Furniture | Ye Chiu vs. Jiangsu Yanghe Brewery |
| Rising Nonferrous vs. Smartgiant Technology Co | Rising Nonferrous vs. Eyebright Medical Technology | Rising Nonferrous vs. Keeson Technology Corp | Rising Nonferrous vs. Olympic Circuit Technology |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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