Correlation Between Yunnan Jianzhijia and Fujian Oriental
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Fujian Oriental Silver, you can compare the effects of market volatilities on Yunnan Jianzhijia and Fujian Oriental 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 Fujian Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Fujian Oriental.
Diversification Opportunities for Yunnan Jianzhijia and Fujian Oriental
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Yunnan and Fujian is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Fujian Oriental Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Oriental Silver 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 Fujian Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Oriental Silver has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Fujian Oriental go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Fujian Oriental
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to generate 0.78 times more return on investment than Fujian Oriental. However, Yunnan Jianzhijia Health Chain is 1.28 times less risky than Fujian Oriental. It trades about -0.04 of its potential returns per unit of risk. Fujian Oriental Silver is currently generating about -0.04 per unit of risk. If you would invest 4,800 in Yunnan Jianzhijia Health Chain on October 27, 2024 and sell it today you would lose (2,617) from holding Yunnan Jianzhijia Health Chain or give up 54.52% 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. Fujian Oriental Silver
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Fujian Oriental Silver |
Yunnan Jianzhijia and Fujian Oriental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Fujian Oriental
The main advantage of trading using opposite Yunnan Jianzhijia and Fujian Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Fujian Oriental 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 Fujian Oriental will offset losses from the drop in Fujian Oriental's long position.| Yunnan Jianzhijia vs. Shannon Semiconductor Technology | Yunnan Jianzhijia vs. AUPU Home Style | Yunnan Jianzhijia vs. Zoy Home Furnishing | Yunnan Jianzhijia vs. Markor International Home |
| Fujian Oriental vs. Southchip Semiconductor Technology | Fujian Oriental vs. Meinian Onehealth Healthcare | Fujian Oriental vs. Lontium Semiconductor Corp | Fujian Oriental vs. Sanbo Hospital Management |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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