Correlation Between Yunnan Jianzhijia and Beijing Cisri
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Beijing Cisri Gaona, you can compare the effects of market volatilities on Yunnan Jianzhijia and Beijing Cisri 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 Beijing Cisri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Beijing Cisri.
Diversification Opportunities for Yunnan Jianzhijia and Beijing Cisri
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Yunnan and Beijing is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Beijing Cisri Gaona in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Cisri Gaona 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 Beijing Cisri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Cisri Gaona has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Beijing Cisri go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Beijing Cisri
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the Beijing Cisri. In addition to that, Yunnan Jianzhijia is 1.09 times more volatile than Beijing Cisri Gaona. It trades about -0.05 of its total potential returns per unit of risk. Beijing Cisri Gaona is currently generating about -0.04 per unit of volatility. If you would invest 2,722 in Beijing Cisri Gaona on October 16, 2024 and sell it today you would lose (1,269) from holding Beijing Cisri Gaona or give up 46.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. Beijing Cisri Gaona
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Beijing Cisri Gaona |
Yunnan Jianzhijia and Beijing Cisri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Beijing Cisri
The main advantage of trading using opposite Yunnan Jianzhijia and Beijing Cisri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Beijing Cisri 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 Beijing Cisri will offset losses from the drop in Beijing Cisri's long position.| Yunnan Jianzhijia vs. Shandong Hongchuang Aluminum | Yunnan Jianzhijia vs. Jiaozuo Wanfang Aluminum | Yunnan Jianzhijia vs. CITIC Metal Co | Yunnan Jianzhijia vs. Fuzhou Rockchip Electronics |
| Beijing Cisri vs. Pengxin International Mining | Beijing Cisri vs. Western Metal Materials | Beijing Cisri vs. North Copper Shanxi | Beijing Cisri vs. Yunnan Jianzhijia Health Chain |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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