Correlation Between Yunnan Jianzhijia and Chengdu Spaceon
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Chengdu Spaceon Electronics, you can compare the effects of market volatilities on Yunnan Jianzhijia and Chengdu Spaceon 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 Spaceon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Chengdu Spaceon.
Diversification Opportunities for Yunnan Jianzhijia and Chengdu Spaceon
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yunnan and Chengdu is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Chengdu Spaceon Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Spaceon Elec 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 Spaceon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Spaceon Elec has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Chengdu Spaceon go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Chengdu Spaceon
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the Chengdu Spaceon. In addition to that, Yunnan Jianzhijia is 1.08 times more volatile than Chengdu Spaceon Electronics. It trades about -0.04 of its total potential returns per unit of risk. Chengdu Spaceon Electronics is currently generating about 0.0 per unit of volatility. If you would invest 1,824 in Chengdu Spaceon Electronics on November 2, 2024 and sell it today you would lose (314.00) from holding Chengdu Spaceon Electronics or give up 17.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. Chengdu Spaceon Electronics
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Chengdu Spaceon Elec |
Yunnan Jianzhijia and Chengdu Spaceon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Chengdu Spaceon
The main advantage of trading using opposite Yunnan Jianzhijia and Chengdu Spaceon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Chengdu Spaceon 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 Spaceon will offset losses from the drop in Chengdu Spaceon's long position.| Yunnan Jianzhijia vs. Nanjing Putian Telecommunications | Yunnan Jianzhijia vs. RoadMain T Co | Yunnan Jianzhijia vs. China Satellite Communications | Yunnan Jianzhijia vs. Hainan Haiqi Transportation |
| Chengdu Spaceon vs. Yingde Greatchem Chemicals | Chengdu Spaceon vs. Do Fluoride Chemicals Co | Chengdu Spaceon vs. Eastroc Beverage Group | Chengdu Spaceon vs. New Hope Dairy |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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