Correlation Between Yindu Kitchen and Success Electronics
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By analyzing existing cross correlation between Yindu Kitchen Equipment and Success Electronics, you can compare the effects of market volatilities on Yindu Kitchen and Success Electronics 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 Success Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and Success Electronics.
Diversification Opportunities for Yindu Kitchen and Success Electronics
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Yindu and Success is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and Success Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Success Electronics 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 Success Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Success Electronics has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and Success Electronics go up and down completely randomly.
Pair Corralation between Yindu Kitchen and Success Electronics
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to generate 0.7 times more return on investment than Success Electronics. However, Yindu Kitchen Equipment is 1.43 times less risky than Success Electronics. It trades about -0.01 of its potential returns per unit of risk. Success Electronics is currently generating about -0.05 per unit of risk. If you would invest 2,682 in Yindu Kitchen Equipment on August 25, 2024 and sell it today you would lose (295.00) from holding Yindu Kitchen Equipment or give up 11.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yindu Kitchen Equipment vs. Success Electronics
Performance |
| Timeline |
| Yindu Kitchen Equipment |
| Success Electronics |
Yindu Kitchen and Success Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yindu Kitchen and Success Electronics
The main advantage of trading using opposite Yindu Kitchen and Success Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, Success Electronics 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 Success Electronics will offset losses from the drop in Success Electronics' 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 |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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