Correlation Between Yindu Kitchen and Shenzhen MTC
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By analyzing existing cross correlation between Yindu Kitchen Equipment and Shenzhen MTC Co, you can compare the effects of market volatilities on Yindu Kitchen and Shenzhen MTC 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 Shenzhen MTC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and Shenzhen MTC.
Diversification Opportunities for Yindu Kitchen and Shenzhen MTC
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Yindu and Shenzhen is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and Shenzhen MTC Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen MTC 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 Shenzhen MTC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen MTC has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and Shenzhen MTC go up and down completely randomly.
Pair Corralation between Yindu Kitchen and Shenzhen MTC
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to under-perform the Shenzhen MTC. But the stock apears to be less risky and, when comparing its historical volatility, Yindu Kitchen Equipment is 1.28 times less risky than Shenzhen MTC. The stock trades about -0.08 of its potential returns per unit of risk. The Shenzhen MTC Co is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 547.00 in Shenzhen MTC Co on September 14, 2024 and sell it today you would lose (16.00) from holding Shenzhen MTC Co or give up 2.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yindu Kitchen Equipment vs. Shenzhen MTC Co
Performance |
| Timeline |
| Yindu Kitchen Equipment |
| Shenzhen MTC |
Yindu Kitchen and Shenzhen MTC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yindu Kitchen and Shenzhen MTC
The main advantage of trading using opposite Yindu Kitchen and Shenzhen MTC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, Shenzhen MTC 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 Shenzhen MTC will offset losses from the drop in Shenzhen MTC's long position.| Yindu Kitchen vs. Industrial and Commercial | Yindu Kitchen vs. Kweichow Moutai Co | Yindu Kitchen vs. Agricultural Bank of | Yindu Kitchen vs. China Mobile Limited |
| Shenzhen MTC vs. Nuode Investment Co | Shenzhen MTC vs. Zhongrun Resources Investment | Shenzhen MTC vs. Zoje Resources Investment | Shenzhen MTC vs. XinJiang GuoTong Pipeline |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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