Correlation Between Northern United and Youyou Foods
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By analyzing existing cross correlation between Northern United Publishing and Youyou Foods Co, you can compare the effects of market volatilities on Northern United and Youyou Foods 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 Northern United with a short position of Youyou Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northern United and Youyou Foods.
Diversification Opportunities for Northern United and Youyou Foods
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Northern and Youyou is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Northern United Publishing and Youyou Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youyou Foods and Northern United 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 Northern United Publishing are associated (or correlated) with Youyou Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youyou Foods has no effect on the direction of Northern United i.e., Northern United and Youyou Foods go up and down completely randomly.
Pair Corralation between Northern United and Youyou Foods
Assuming the 90 days trading horizon Northern United Publishing is expected to under-perform the Youyou Foods. In addition to that, Northern United is 1.05 times more volatile than Youyou Foods Co. It trades about -0.02 of its total potential returns per unit of risk. Youyou Foods Co is currently generating about 0.03 per unit of volatility. If you would invest 913.00 in Youyou Foods Co on October 16, 2024 and sell it today you would earn a total of 75.00 from holding Youyou Foods Co or generate 8.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Northern United Publishing vs. Youyou Foods Co
Performance |
| Timeline |
| Northern United Publ |
| Youyou Foods |
Northern United and Youyou Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northern United and Youyou Foods
The main advantage of trading using opposite Northern United and Youyou Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northern United position performs unexpectedly, Youyou Foods 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 Youyou Foods will offset losses from the drop in Youyou Foods' long position.| Northern United vs. Wintao Communications Co | Northern United vs. Guosheng Financial Holding | Northern United vs. Allwin Telecommunication Co | Northern United vs. Beijing Bewinner Communications |
| Youyou Foods vs. Gem Year Industrial Co | Youyou Foods vs. Qingdao Choho Industrial | Youyou Foods vs. Bosera CMSK Industrial | Youyou Foods vs. Guangdong Wens Foodstuff |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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