Correlation Between Yunnan Jianzhijia and Holitech Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Holitech Technology Co, you can compare the effects of market volatilities on Yunnan Jianzhijia and Holitech Technology 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 Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Holitech Technology.
Diversification Opportunities for Yunnan Jianzhijia and Holitech Technology
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yunnan and Holitech is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology 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 Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Holitech Technology go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Holitech Technology
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the Holitech Technology. But the stock apears to be less risky and, when comparing its historical volatility, Yunnan Jianzhijia Health Chain is 1.29 times less risky than Holitech Technology. The stock trades about -0.04 of its potential returns per unit of risk. The Holitech Technology Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 272.00 in Holitech Technology Co on September 4, 2024 and sell it today you would lose (42.00) from holding Holitech Technology Co or give up 15.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. Holitech Technology Co
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Holitech Technology |
Yunnan Jianzhijia and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Holitech Technology
The main advantage of trading using opposite Yunnan Jianzhijia and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Holitech Technology 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| Yunnan Jianzhijia vs. Cambricon Technologies Corp | Yunnan Jianzhijia vs. Loongson Technology Corp | Yunnan Jianzhijia vs. Shenzhen Fortune Trend | Yunnan Jianzhijia vs. Chongqing Road Bridge |
| Holitech Technology vs. PetroChina Co Ltd | Holitech Technology vs. China Mobile Limited | Holitech Technology vs. CNOOC Limited | Holitech Technology vs. Ping An Insurance |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Stocks Directory Find actively traded stocks across global markets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |