Correlation Between Sanxiang Advanced and Youngy Health
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By analyzing existing cross correlation between Sanxiang Advanced Materials and Youngy Health Co, you can compare the effects of market volatilities on Sanxiang Advanced and Youngy Health 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 Sanxiang Advanced with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sanxiang Advanced and Youngy Health.
Diversification Opportunities for Sanxiang Advanced and Youngy Health
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sanxiang and Youngy is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Sanxiang Advanced Materials and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and Sanxiang Advanced 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 Sanxiang Advanced Materials are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Sanxiang Advanced i.e., Sanxiang Advanced and Youngy Health go up and down completely randomly.
Pair Corralation between Sanxiang Advanced and Youngy Health
Assuming the 90 days trading horizon Sanxiang Advanced Materials is expected to generate 1.2 times more return on investment than Youngy Health. However, Sanxiang Advanced is 1.2 times more volatile than Youngy Health Co. It trades about 0.07 of its potential returns per unit of risk. Youngy Health Co is currently generating about 0.01 per unit of risk. If you would invest 1,033 in Sanxiang Advanced Materials on October 16, 2024 and sell it today you would earn a total of 642.00 from holding Sanxiang Advanced Materials or generate 62.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sanxiang Advanced Materials vs. Youngy Health Co
Performance |
| Timeline |
| Sanxiang Advanced |
| Youngy Health |
Sanxiang Advanced and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sanxiang Advanced and Youngy Health
The main advantage of trading using opposite Sanxiang Advanced and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sanxiang Advanced position performs unexpectedly, Youngy Health 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| Sanxiang Advanced vs. Zijin Mining Group | Sanxiang Advanced vs. Wanhua Chemical Group | Sanxiang Advanced vs. Baoshan Iron Steel | Sanxiang Advanced vs. Shandong Gold Mining |
| Youngy Health vs. Spring Airlines Co | Youngy Health vs. Chengtun Mining Group | Youngy Health vs. Kunwu Jiuding Investment | Youngy Health vs. Ningbo Jintian Copper |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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