Correlation Between Postal Savings and Yunnan Chuangxin
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By analyzing existing cross correlation between Postal Savings Bank and Yunnan Chuangxin New, you can compare the effects of market volatilities on Postal Savings and Yunnan Chuangxin 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 Postal Savings with a short position of Yunnan Chuangxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Postal Savings and Yunnan Chuangxin.
Diversification Opportunities for Postal Savings and Yunnan Chuangxin
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Postal and Yunnan is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Postal Savings Bank and Yunnan Chuangxin New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Chuangxin New and Postal Savings 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 Postal Savings Bank are associated (or correlated) with Yunnan Chuangxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Chuangxin New has no effect on the direction of Postal Savings i.e., Postal Savings and Yunnan Chuangxin go up and down completely randomly.
Pair Corralation between Postal Savings and Yunnan Chuangxin
Assuming the 90 days trading horizon Postal Savings Bank is expected to generate 0.82 times more return on investment than Yunnan Chuangxin. However, Postal Savings Bank is 1.22 times less risky than Yunnan Chuangxin. It trades about -0.11 of its potential returns per unit of risk. Yunnan Chuangxin New is currently generating about -0.26 per unit of risk. If you would invest 559.00 in Postal Savings Bank on October 28, 2024 and sell it today you would lose (23.00) from holding Postal Savings Bank or give up 4.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Postal Savings Bank vs. Yunnan Chuangxin New
Performance |
| Timeline |
| Postal Savings Bank |
| Yunnan Chuangxin New |
Postal Savings and Yunnan Chuangxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Postal Savings and Yunnan Chuangxin
The main advantage of trading using opposite Postal Savings and Yunnan Chuangxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Postal Savings position performs unexpectedly, Yunnan Chuangxin 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 Yunnan Chuangxin will offset losses from the drop in Yunnan Chuangxin's long position.| Postal Savings vs. Ming Yang Smart | Postal Savings vs. 159681 | Postal Savings vs. 159005 | Postal Savings vs. Loctek Ergonomic Technology |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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