Correlation Between Yindu Kitchen and Bengang Steel
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yindu Kitchen Equipment and Bengang Steel Plates, you can compare the effects of market volatilities on Yindu Kitchen and Bengang Steel 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 Yindu Kitchen with a short position of Bengang Steel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and Bengang Steel.
Diversification Opportunities for Yindu Kitchen and Bengang Steel
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Yindu and Bengang is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and Bengang Steel Plates in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bengang Steel Plates and Yindu Kitchen 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 Yindu Kitchen Equipment are associated (or correlated) with Bengang Steel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bengang Steel Plates has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and Bengang Steel go up and down completely randomly.
Pair Corralation between Yindu Kitchen and Bengang Steel
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to generate 0.94 times more return on investment than Bengang Steel. However, Yindu Kitchen Equipment is 1.07 times less risky than Bengang Steel. It trades about 0.05 of its potential returns per unit of risk. Bengang Steel Plates is currently generating about 0.02 per unit of risk. If you would invest 1,639 in Yindu Kitchen Equipment on August 28, 2024 and sell it today you would earn a total of 704.00 from holding Yindu Kitchen Equipment or generate 42.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yindu Kitchen Equipment vs. Bengang Steel Plates
Performance |
| Timeline |
| Yindu Kitchen Equipment |
| Bengang Steel Plates |
Yindu Kitchen and Bengang Steel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yindu Kitchen and Bengang Steel
The main advantage of trading using opposite Yindu Kitchen and Bengang Steel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, Bengang Steel 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 Bengang Steel will offset losses from the drop in Bengang Steel's long position.| Yindu Kitchen vs. Biwin Storage Technology | Yindu Kitchen vs. PetroChina Co Ltd | Yindu Kitchen vs. Industrial and Commercial | Yindu Kitchen vs. China Construction Bank |
| Bengang Steel vs. Wanhua Chemical Group | Bengang Steel vs. Shandong Gold Mining | Bengang Steel vs. Rongsheng Petrochemical Co | Bengang Steel vs. Inner Mongolia BaoTou |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |