Correlation Between AUPU Home and Shanghai Yanpu
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By analyzing existing cross correlation between AUPU Home Style and Shanghai Yanpu Metal, you can compare the effects of market volatilities on AUPU Home and Shanghai Yanpu 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 AUPU Home with a short position of Shanghai Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of AUPU Home and Shanghai Yanpu.
Diversification Opportunities for AUPU Home and Shanghai Yanpu
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between AUPU and Shanghai is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding AUPU Home Style and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal and AUPU Home 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 AUPU Home Style are associated (or correlated) with Shanghai Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of AUPU Home i.e., AUPU Home and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between AUPU Home and Shanghai Yanpu
Assuming the 90 days trading horizon AUPU Home Style is expected to under-perform the Shanghai Yanpu. But the stock apears to be less risky and, when comparing its historical volatility, AUPU Home Style is 1.09 times less risky than Shanghai Yanpu. The stock trades about -0.4 of its potential returns per unit of risk. The Shanghai Yanpu Metal is currently generating about -0.14 of returns per unit of risk over similar time horizon. If you would invest 3,885 in Shanghai Yanpu Metal on October 14, 2024 and sell it today you would lose (210.00) from holding Shanghai Yanpu Metal or give up 5.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AUPU Home Style vs. Shanghai Yanpu Metal
Performance |
| Timeline |
| AUPU Home Style |
| Shanghai Yanpu Metal |
AUPU Home and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AUPU Home and Shanghai Yanpu
The main advantage of trading using opposite AUPU Home and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AUPU Home position performs unexpectedly, Shanghai Yanpu 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 Shanghai Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| AUPU Home vs. COL Digital Publishing | AUPU Home vs. Markor International Home | AUPU Home vs. Heilongjiang Publishing Media | AUPU Home vs. Northern United Publishing |
| Shanghai Yanpu vs. Easyhome New Retail | Shanghai Yanpu vs. China Sports Industry | Shanghai Yanpu vs. AUPU Home Style | Shanghai Yanpu vs. Hunan Mendale Hometextile |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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