Correlation Between Yunnan Jianzhijia and Youngy Health
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Youngy Health Co, you can compare the effects of market volatilities on Yunnan Jianzhijia and Youngy Health 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 Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Youngy Health.
Diversification Opportunities for Yunnan Jianzhijia and Youngy Health
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Yunnan and Youngy is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health 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 Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Youngy Health go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Youngy Health
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the Youngy Health. But the stock apears to be less risky and, when comparing its historical volatility, Yunnan Jianzhijia Health Chain is 1.12 times less risky than Youngy Health. The stock trades about -0.09 of its potential returns per unit of risk. The Youngy Health Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 364.00 in Youngy Health Co on October 16, 2024 and sell it today you would lose (28.00) from holding Youngy Health Co or give up 7.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. Youngy Health Co
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Youngy Health |
Yunnan Jianzhijia and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Youngy Health
The main advantage of trading using opposite Yunnan Jianzhijia and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Youngy Health 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 Youngy Health will offset losses from the drop in Youngy Health'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 |
| Youngy Health vs. Spring Airlines Co | Youngy Health vs. Chengtun Mining Group | Youngy Health vs. Kunwu Jiuding Investment | Youngy Health vs. Ningbo Jintian Copper |
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.
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