Correlation Between Youyou Foods and Changchun BCHT
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By analyzing existing cross correlation between Youyou Foods Co and Changchun BCHT Biotechnology, you can compare the effects of market volatilities on Youyou Foods and Changchun BCHT 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 Changchun BCHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youyou Foods and Changchun BCHT.
Diversification Opportunities for Youyou Foods and Changchun BCHT
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Youyou and Changchun is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Youyou Foods Co and Changchun BCHT Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun BCHT Biote 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 Changchun BCHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun BCHT Biote has no effect on the direction of Youyou Foods i.e., Youyou Foods and Changchun BCHT go up and down completely randomly.
Pair Corralation between Youyou Foods and Changchun BCHT
Assuming the 90 days trading horizon Youyou Foods Co is expected to generate 0.95 times more return on investment than Changchun BCHT. However, Youyou Foods Co is 1.05 times less risky than Changchun BCHT. It trades about 0.03 of its potential returns per unit of risk. Changchun BCHT Biotechnology is currently generating about -0.07 per unit of risk. If you would invest 809.00 in Youyou Foods Co on August 25, 2024 and sell it today you would earn a total of 158.00 from holding Youyou Foods Co or generate 19.53% 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. Changchun BCHT Biotechnology
Performance |
| Timeline |
| Youyou Foods |
| Changchun BCHT Biote |
Youyou Foods and Changchun BCHT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youyou Foods and Changchun BCHT
The main advantage of trading using opposite Youyou Foods and Changchun BCHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youyou Foods position performs unexpectedly, Changchun BCHT 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 Changchun BCHT will offset losses from the drop in Changchun BCHT's long position.| Youyou Foods vs. Hubeiyichang Transportation Group | Youyou Foods vs. Jiujiang Shanshui Technology | Youyou Foods vs. Fujian Longzhou Transportation | Youyou Foods vs. Dazhong Transportation Group |
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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