Correlation Between Vohringer Home and Yonghui Superstores
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By analyzing existing cross correlation between Vohringer Home Technology and Yonghui Superstores Co, you can compare the effects of market volatilities on Vohringer Home and Yonghui Superstores 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 Vohringer Home with a short position of Yonghui Superstores. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vohringer Home and Yonghui Superstores.
Diversification Opportunities for Vohringer Home and Yonghui Superstores
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Vohringer and Yonghui is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Vohringer Home Technology and Yonghui Superstores Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonghui Superstores and Vohringer Home 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 Vohringer Home Technology are associated (or correlated) with Yonghui Superstores. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonghui Superstores has no effect on the direction of Vohringer Home i.e., Vohringer Home and Yonghui Superstores go up and down completely randomly.
Pair Corralation between Vohringer Home and Yonghui Superstores
Assuming the 90 days trading horizon Vohringer Home is expected to generate 2.06 times less return on investment than Yonghui Superstores. But when comparing it to its historical volatility, Vohringer Home Technology is 1.86 times less risky than Yonghui Superstores. It trades about 0.28 of its potential returns per unit of risk. Yonghui Superstores Co is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 226.00 in Yonghui Superstores Co on September 12, 2024 and sell it today you would earn a total of 377.00 from holding Yonghui Superstores Co or generate 166.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Vohringer Home Technology vs. Yonghui Superstores Co
Performance |
| Timeline |
| Vohringer Home Technology |
| Yonghui Superstores |
Vohringer Home and Yonghui Superstores Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vohringer Home and Yonghui Superstores
The main advantage of trading using opposite Vohringer Home and Yonghui Superstores positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vohringer Home position performs unexpectedly, Yonghui Superstores 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 Yonghui Superstores will offset losses from the drop in Yonghui Superstores' long position.| Vohringer Home vs. Zijin Mining Group | Vohringer Home vs. Wanhua Chemical Group | Vohringer Home vs. Baoshan Iron Steel | Vohringer Home vs. Rongsheng Petrochemical Co |
| Yonghui Superstores vs. China Petroleum Chemical | Yonghui Superstores vs. PetroChina Co Ltd | Yonghui Superstores vs. China State Construction | Yonghui Superstores vs. China Railway Group |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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