Correlation Between Youyou Foods and China Marine
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By analyzing existing cross correlation between Youyou Foods Co and China Marine Information, you can compare the effects of market volatilities on Youyou Foods and China Marine 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 Youyou Foods with a short position of China Marine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youyou Foods and China Marine.
Diversification Opportunities for Youyou Foods and China Marine
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Youyou and China is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Youyou Foods Co and China Marine Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Marine Information and Youyou Foods 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 Youyou Foods Co are associated (or correlated) with China Marine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Marine Information has no effect on the direction of Youyou Foods i.e., Youyou Foods and China Marine go up and down completely randomly.
Pair Corralation between Youyou Foods and China Marine
Assuming the 90 days trading horizon Youyou Foods Co is expected to generate 0.97 times more return on investment than China Marine. However, Youyou Foods Co is 1.03 times less risky than China Marine. It trades about 0.02 of its potential returns per unit of risk. China Marine Information is currently generating about 0.01 per unit of risk. If you would invest 886.00 in Youyou Foods Co on October 25, 2024 and sell it today you would earn a total of 107.00 from holding Youyou Foods Co or generate 12.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youyou Foods Co vs. China Marine Information
Performance |
| Timeline |
| Youyou Foods |
| China Marine Information |
Youyou Foods and China Marine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youyou Foods and China Marine
The main advantage of trading using opposite Youyou Foods and China Marine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youyou Foods position performs unexpectedly, China Marine 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 China Marine will offset losses from the drop in China Marine's long position.| Youyou Foods vs. Agricultural Bank of | Youyou Foods vs. Postal Savings Bank | Youyou Foods vs. Bank of Communications | Youyou Foods vs. China Merchants Bank |
| China Marine vs. Kweichow Moutai Co | China Marine vs. NAURA Technology Group | China Marine vs. APT Medical | China Marine vs. BYD Co Ltd |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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