Correlation Between Yunnan Jianzhijia and Offshore Oil
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Offshore Oil Engineering, you can compare the effects of market volatilities on Yunnan Jianzhijia and Offshore Oil 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 Offshore Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Offshore Oil.
Diversification Opportunities for Yunnan Jianzhijia and Offshore Oil
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yunnan and Offshore is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Offshore Oil Engineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Offshore Oil Engineering 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 Offshore Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Offshore Oil Engineering has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Offshore Oil go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Offshore Oil
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the Offshore Oil. In addition to that, Yunnan Jianzhijia is 1.41 times more volatile than Offshore Oil Engineering. It trades about -0.05 of its total potential returns per unit of risk. Offshore Oil Engineering is currently generating about -0.02 per unit of volatility. If you would invest 653.00 in Offshore Oil Engineering on November 27, 2024 and sell it today you would lose (148.00) from holding Offshore Oil Engineering or give up 22.66% 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. Offshore Oil Engineering
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Offshore Oil Engineering |
Yunnan Jianzhijia and Offshore Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Offshore Oil
The main advantage of trading using opposite Yunnan Jianzhijia and Offshore Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Offshore Oil 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 Offshore Oil will offset losses from the drop in Offshore Oil's 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 |
| Offshore Oil vs. Anhui Huaheng Biotechnology | Offshore Oil vs. Ligao Foods CoLtd | Offshore Oil vs. Fujian Wanchen Biotechnology | Offshore Oil vs. Jinhe Biotechnology Co |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |