Correlation Between Yonghui Superstores and CGN Nuclear
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yonghui Superstores Co and CGN Nuclear Technology, you can compare the effects of market volatilities on Yonghui Superstores and CGN Nuclear 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 Yonghui Superstores with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yonghui Superstores and CGN Nuclear.
Diversification Opportunities for Yonghui Superstores and CGN Nuclear
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yonghui and CGN is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Yonghui Superstores Co and CGN Nuclear Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN Nuclear Technology and Yonghui Superstores 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 Yonghui Superstores Co are associated (or correlated) with CGN Nuclear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN Nuclear Technology has no effect on the direction of Yonghui Superstores i.e., Yonghui Superstores and CGN Nuclear go up and down completely randomly.
Pair Corralation between Yonghui Superstores and CGN Nuclear
Assuming the 90 days trading horizon Yonghui Superstores Co is expected to generate 1.85 times more return on investment than CGN Nuclear. However, Yonghui Superstores is 1.85 times more volatile than CGN Nuclear Technology. It trades about 0.08 of its potential returns per unit of risk. CGN Nuclear Technology is currently generating about 0.09 per unit of risk. If you would invest 418.00 in Yonghui Superstores Co on August 29, 2024 and sell it today you would earn a total of 30.00 from holding Yonghui Superstores Co or generate 7.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yonghui Superstores Co vs. CGN Nuclear Technology
Performance |
| Timeline |
| Yonghui Superstores |
| CGN Nuclear Technology |
Yonghui Superstores and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yonghui Superstores and CGN Nuclear
The main advantage of trading using opposite Yonghui Superstores and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yonghui Superstores position performs unexpectedly, CGN Nuclear 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 CGN Nuclear will offset losses from the drop in CGN Nuclear's long position.| Yonghui Superstores vs. PetroChina Co Ltd | Yonghui Superstores vs. China Mobile Limited | Yonghui Superstores vs. Ping An Insurance | Yonghui Superstores vs. China Petroleum Chemical |
| CGN Nuclear vs. Hunan Mendale Hometextile | CGN Nuclear vs. UE Furniture Co | CGN Nuclear vs. Shenzhen Centralcon Investment | CGN Nuclear vs. Vanfund Urban Investment |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |