Correlation Between Yindu Kitchen and Hainan Haiqi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yindu Kitchen Equipment and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Yindu Kitchen and Hainan Haiqi 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 Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and Hainan Haiqi.
Diversification Opportunities for Yindu Kitchen and Hainan Haiqi
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Yindu and Hainan is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo 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 Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Yindu Kitchen and Hainan Haiqi
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to generate 0.72 times more return on investment than Hainan Haiqi. However, Yindu Kitchen Equipment is 1.38 times less risky than Hainan Haiqi. It trades about 0.05 of its potential returns per unit of risk. Hainan Haiqi Transportation is currently generating about -0.01 per unit of risk. If you would invest 1,626 in Yindu Kitchen Equipment on September 14, 2024 and sell it today you would earn a total of 819.00 from holding Yindu Kitchen Equipment or generate 50.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yindu Kitchen Equipment vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Yindu Kitchen Equipment |
| Hainan Haiqi Transpo |
Yindu Kitchen and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yindu Kitchen and Hainan Haiqi
The main advantage of trading using opposite Yindu Kitchen and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi'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 |
| Hainan Haiqi vs. Ming Yang Smart | Hainan Haiqi vs. 159681 | Hainan Haiqi vs. 159005 | Hainan Haiqi vs. Loctek Ergonomic 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |