Correlation Between Fujian Anjoy and Youyou Foods
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By analyzing existing cross correlation between Fujian Anjoy Foods and Youyou Foods Co, you can compare the effects of market volatilities on Fujian Anjoy and Youyou Foods 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 Fujian Anjoy with a short position of Youyou Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Youyou Foods.
Diversification Opportunities for Fujian Anjoy and Youyou Foods
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fujian and Youyou is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Youyou Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youyou Foods and Fujian Anjoy 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 Fujian Anjoy Foods are associated (or correlated) with Youyou Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youyou Foods has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Youyou Foods go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Youyou Foods
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to under-perform the Youyou Foods. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Anjoy Foods is 1.75 times less risky than Youyou Foods. The stock trades about -0.43 of its potential returns per unit of risk. The Youyou Foods Co is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 1,047 in Youyou Foods Co on October 25, 2024 and sell it today you would lose (54.00) from holding Youyou Foods Co or give up 5.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Youyou Foods Co
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Youyou Foods |
Fujian Anjoy and Youyou Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Youyou Foods
The main advantage of trading using opposite Fujian Anjoy and Youyou Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Youyou Foods 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 Youyou Foods will offset losses from the drop in Youyou Foods' long position.| Fujian Anjoy vs. Shenwu Energy Saving | Fujian Anjoy vs. GRG Banking Equipment | Fujian Anjoy vs. Aba Chemicals Corp | Fujian Anjoy vs. Yingde Greatchem Chemicals |
| Youyou Foods vs. Agricultural Bank of | Youyou Foods vs. Postal Savings Bank | Youyou Foods vs. Bank of Communications | Youyou Foods vs. China Merchants 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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