Correlation Between Yunnan Jianzhijia and ChengDu Hi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and ChengDu Hi Tech Development, you can compare the effects of market volatilities on Yunnan Jianzhijia and ChengDu Hi 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 ChengDu Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and ChengDu Hi.
Diversification Opportunities for Yunnan Jianzhijia and ChengDu Hi
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Yunnan and ChengDu is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and ChengDu Hi Tech Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ChengDu Hi Tech 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 ChengDu Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ChengDu Hi Tech has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and ChengDu Hi go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and ChengDu Hi
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the ChengDu Hi. But the stock apears to be less risky and, when comparing its historical volatility, Yunnan Jianzhijia Health Chain is 1.51 times less risky than ChengDu Hi. The stock trades about -0.33 of its potential returns per unit of risk. The ChengDu Hi Tech Development is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 6,191 in ChengDu Hi Tech Development on October 25, 2024 and sell it today you would lose (396.00) from holding ChengDu Hi Tech Development or give up 6.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. ChengDu Hi Tech Development
Performance |
| Timeline |
| Yunnan Jianzhijia |
| ChengDu Hi Tech |
Yunnan Jianzhijia and ChengDu Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and ChengDu Hi
The main advantage of trading using opposite Yunnan Jianzhijia and ChengDu Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, ChengDu Hi 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 ChengDu Hi will offset losses from the drop in ChengDu Hi's long position.| Yunnan Jianzhijia vs. Agricultural Bank of | Yunnan Jianzhijia vs. Postal Savings Bank | Yunnan Jianzhijia vs. Bank of Communications | Yunnan Jianzhijia vs. China Merchants Bank |
| ChengDu Hi vs. Youngy Health Co | ChengDu Hi vs. Yunnan Jianzhijia Health Chain | ChengDu Hi vs. Healthcare Co | ChengDu Hi vs. PKU HealthCare Corp |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |