Correlation Between Youyou Foods and Fujian Anjoy
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By analyzing existing cross correlation between Youyou Foods Co and Fujian Anjoy Foods, you can compare the effects of market volatilities on Youyou Foods and Fujian Anjoy 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 Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youyou Foods and Fujian Anjoy.
Diversification Opportunities for Youyou Foods and Fujian Anjoy
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Youyou and Fujian is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Youyou Foods Co and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods 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 Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Youyou Foods i.e., Youyou Foods and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Youyou Foods and Fujian Anjoy
Assuming the 90 days trading horizon Youyou Foods Co is expected to generate 1.01 times more return on investment than Fujian Anjoy. However, Youyou Foods is 1.01 times more volatile than Fujian Anjoy Foods. It trades about 0.04 of its potential returns per unit of risk. Fujian Anjoy Foods is currently generating about 0.01 per unit of risk. If you would invest 915.00 in Youyou Foods Co on September 14, 2024 and sell it today you would earn a total of 210.00 from holding Youyou Foods Co or generate 22.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youyou Foods Co vs. Fujian Anjoy Foods
Performance |
| Timeline |
| Youyou Foods |
| Fujian Anjoy Foods |
Youyou Foods and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youyou Foods and Fujian Anjoy
The main advantage of trading using opposite Youyou Foods and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youyou Foods position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy's long position.| Youyou Foods vs. Nanjing Putian Telecommunications | Youyou Foods vs. Tianjin Realty Development | Youyou Foods vs. Kangyue Technology Co | Youyou Foods vs. Shenzhen Hifuture Electric |
| Fujian Anjoy vs. Jiangxi JDL Environmental | Fujian Anjoy vs. Hainan Haiqi Transportation | Fujian Anjoy vs. Changjiang Jinggong Steel | Fujian Anjoy vs. Anyang Iron Steel |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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