Correlation Between Bank of China and Youngy Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of China and Youngy Health Co, you can compare the effects of market volatilities on Bank of China and Youngy Health 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 Bank of China with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of China and Youngy Health.
Diversification Opportunities for Bank of China and Youngy Health
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Bank and Youngy is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Bank of China and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and Bank of China 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 Bank of China are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Bank of China i.e., Bank of China and Youngy Health go up and down completely randomly.
Pair Corralation between Bank of China and Youngy Health
Assuming the 90 days trading horizon Bank of China is expected to generate 0.25 times more return on investment than Youngy Health. However, Bank of China is 3.98 times less risky than Youngy Health. It trades about 0.19 of its potential returns per unit of risk. Youngy Health Co is currently generating about -0.08 per unit of risk. If you would invest 482.00 in Bank of China on September 1, 2024 and sell it today you would earn a total of 19.00 from holding Bank of China or generate 3.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of China vs. Youngy Health Co
Performance |
| Timeline |
| Bank of China |
| Youngy Health |
Bank of China and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of China and Youngy Health
The main advantage of trading using opposite Bank of China and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of China position performs unexpectedly, Youngy Health 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| Bank of China vs. China Minmetals Rare | Bank of China vs. China Eastern Airlines | Bank of China vs. Metro Investment Development | Bank of China vs. Cultural Investment Holdings |
| Youngy Health vs. Cambricon Technologies Corp | Youngy Health vs. Loongson Technology Corp | Youngy Health vs. Shenzhen Fortune Trend | Youngy Health vs. Chongqing Road Bridge |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |