Correlation Between Yindu Kitchen and Beijing SPC
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By analyzing existing cross correlation between Yindu Kitchen Equipment and Beijing SPC Environment, you can compare the effects of market volatilities on Yindu Kitchen and Beijing SPC 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 Beijing SPC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and Beijing SPC.
Diversification Opportunities for Yindu Kitchen and Beijing SPC
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Yindu and Beijing is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and Beijing SPC Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing SPC Environment 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 Beijing SPC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing SPC Environment has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and Beijing SPC go up and down completely randomly.
Pair Corralation between Yindu Kitchen and Beijing SPC
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to generate 1.25 times more return on investment than Beijing SPC. However, Yindu Kitchen is 1.25 times more volatile than Beijing SPC Environment. It trades about 0.05 of its potential returns per unit of risk. Beijing SPC Environment 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. Beijing SPC Environment
Performance |
| Timeline |
| Yindu Kitchen Equipment |
| Beijing SPC Environment |
Yindu Kitchen and Beijing SPC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yindu Kitchen and Beijing SPC
The main advantage of trading using opposite Yindu Kitchen and Beijing SPC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, Beijing SPC 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 Beijing SPC will offset losses from the drop in Beijing SPC'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 |
| Beijing SPC vs. Central Plains Environment | Beijing SPC vs. Guangdong Liantai Environmental | Beijing SPC vs. GRINM Semiconductor Materials | Beijing SPC vs. Southchip Semiconductor Technology |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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