Correlation Between Yunnan Jianzhijia and Shandong
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Shandong Hi Speed RoadBridge, you can compare the effects of market volatilities on Yunnan Jianzhijia and Shandong 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 Yunnan Jianzhijia with a short position of Shandong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Shandong.
Diversification Opportunities for Yunnan Jianzhijia and Shandong
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yunnan and Shandong is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Shandong Hi Speed RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Hi Speed and Yunnan Jianzhijia 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 Yunnan Jianzhijia Health Chain are associated (or correlated) with Shandong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Hi Speed has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Shandong go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Shandong
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the Shandong. In addition to that, Yunnan Jianzhijia is 1.62 times more volatile than Shandong Hi Speed RoadBridge. It trades about -0.04 of its total potential returns per unit of risk. Shandong Hi Speed RoadBridge is currently generating about -0.02 per unit of volatility. If you would invest 703.00 in Shandong Hi Speed RoadBridge on October 29, 2024 and sell it today you would lose (136.00) from holding Shandong Hi Speed RoadBridge or give up 19.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. Shandong Hi Speed RoadBridge
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Shandong Hi Speed |
Yunnan Jianzhijia and Shandong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Shandong
The main advantage of trading using opposite Yunnan Jianzhijia and Shandong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Shandong 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 Shandong will offset losses from the drop in Shandong's long position.| Yunnan Jianzhijia vs. Cloud Live Technology | Yunnan Jianzhijia vs. Nanjing Putian Telecommunications | Yunnan Jianzhijia vs. Shenzhen Coship Electronics | Yunnan Jianzhijia vs. Shenzhen Hifuture Electric |
| Shandong vs. Tinavi Medical Technologies | Shandong vs. StarPower Semiconductor | Shandong vs. Kontour Medical Technology | Shandong vs. CareRay Digital Medical |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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