Correlation Between Ye Chiu and Offshore Oil
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By analyzing existing cross correlation between Ye Chiu Metal and Offshore Oil Engineering, you can compare the effects of market volatilities on Ye Chiu and Offshore Oil 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 Offshore Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Offshore Oil.
Diversification Opportunities for Ye Chiu and Offshore Oil
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 601388 and Offshore is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and Offshore Oil Engineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Offshore Oil Engineering 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 Offshore Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Offshore Oil Engineering has no effect on the direction of Ye Chiu i.e., Ye Chiu and Offshore Oil go up and down completely randomly.
Pair Corralation between Ye Chiu and Offshore Oil
Assuming the 90 days trading horizon Ye Chiu Metal is expected to under-perform the Offshore Oil. In addition to that, Ye Chiu is 1.2 times more volatile than Offshore Oil Engineering. It trades about -0.02 of its total potential returns per unit of risk. Offshore Oil Engineering is currently generating about -0.01 per unit of volatility. If you would invest 675.00 in Offshore Oil Engineering on October 29, 2024 and sell it today you would lose (140.00) from holding Offshore Oil Engineering or give up 20.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ye Chiu Metal vs. Offshore Oil Engineering
Performance |
| Timeline |
| Ye Chiu Metal |
| Offshore Oil Engineering |
Ye Chiu and Offshore Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and Offshore Oil
The main advantage of trading using opposite Ye Chiu and Offshore Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu position performs unexpectedly, Offshore Oil 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 Offshore Oil will offset losses from the drop in Offshore Oil's long position.| Ye Chiu vs. Yunnan Jianzhijia Health Chain | Ye Chiu vs. Dezhan HealthCare Co | Ye Chiu vs. Cabio Biotech Wuhan | Ye Chiu vs. Lotus Health Group |
| Offshore Oil vs. Beijing YanDong MicroElectronic | Offshore Oil vs. LianChuang Electronic Technology | Offshore Oil vs. Uroica Mining Safety | Offshore Oil vs. Anhui Tongguan Copper |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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