Correlation Between Jiangsu Xinri and Yankershop Food
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Yankershop Food Co, you can compare the effects of market volatilities on Jiangsu Xinri and Yankershop Food 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 Jiangsu Xinri with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Yankershop Food.
Diversification Opportunities for Jiangsu Xinri and Yankershop Food
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Yankershop is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Jiangsu Xinri 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 Jiangsu Xinri E Vehicle are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Yankershop Food go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Yankershop Food
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to generate 0.86 times more return on investment than Yankershop Food. However, Jiangsu Xinri E Vehicle is 1.16 times less risky than Yankershop Food. It trades about -0.16 of its potential returns per unit of risk. Yankershop Food Co is currently generating about -0.22 per unit of risk. If you would invest 1,091 in Jiangsu Xinri E Vehicle on October 28, 2024 and sell it today you would lose (77.00) from holding Jiangsu Xinri E Vehicle or give up 7.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Yankershop Food Co
Performance |
| Timeline |
| Jiangsu Xinri E |
| Yankershop Food |
Jiangsu Xinri and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Yankershop Food
The main advantage of trading using opposite Jiangsu Xinri and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| Jiangsu Xinri vs. Ming Yang Smart | Jiangsu Xinri vs. 159681 | Jiangsu Xinri vs. 159005 | Jiangsu Xinri vs. Loctek Ergonomic Technology |
| Yankershop Food vs. Kweichow Moutai Co | Yankershop Food vs. Contemporary Amperex Technology | Yankershop Food vs. G bits Network Technology | Yankershop Food vs. Beijing Roborock Technology |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |