Correlation Between Yunnan Jianzhijia and CIMC Vehicles
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and CIMC Vehicles Co, you can compare the effects of market volatilities on Yunnan Jianzhijia and CIMC Vehicles 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 CIMC Vehicles. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and CIMC Vehicles.
Diversification Opportunities for Yunnan Jianzhijia and CIMC Vehicles
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yunnan and CIMC is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and CIMC Vehicles Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIMC Vehicles 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 CIMC Vehicles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIMC Vehicles has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and CIMC Vehicles go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and CIMC Vehicles
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to generate 2.11 times more return on investment than CIMC Vehicles. However, Yunnan Jianzhijia is 2.11 times more volatile than CIMC Vehicles Co. It trades about -0.12 of its potential returns per unit of risk. CIMC Vehicles Co is currently generating about -0.39 per unit of risk. If you would invest 2,218 in Yunnan Jianzhijia Health Chain on November 27, 2024 and sell it today you would lose (97.00) from holding Yunnan Jianzhijia Health Chain or give up 4.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. CIMC Vehicles Co
Performance |
| Timeline |
| Yunnan Jianzhijia |
| CIMC Vehicles |
Yunnan Jianzhijia and CIMC Vehicles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and CIMC Vehicles
The main advantage of trading using opposite Yunnan Jianzhijia and CIMC Vehicles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, CIMC Vehicles 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 CIMC Vehicles will offset losses from the drop in CIMC Vehicles' long position.| Yunnan Jianzhijia vs. Soochow Suzhou Industrial | Yunnan Jianzhijia vs. Ningbo Fujia Industrial | Yunnan Jianzhijia vs. Guangzhou Haozhi Industrial | Yunnan Jianzhijia vs. Double Medical Technology |
| CIMC Vehicles vs. StarPower Semiconductor | CIMC Vehicles vs. Yuanjie Semiconductor Technology | CIMC Vehicles vs. Xiangyang Automobile Bearing | CIMC Vehicles vs. Hubei Tech Semiconductors |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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