Correlation Between Yunnan Jianzhijia and Changchun BCHT
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and Changchun BCHT Biotechnology, you can compare the effects of market volatilities on Yunnan Jianzhijia and Changchun BCHT 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 Changchun BCHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and Changchun BCHT.
Diversification Opportunities for Yunnan Jianzhijia and Changchun BCHT
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Yunnan and Changchun is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and Changchun BCHT Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun BCHT Biote 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 Changchun BCHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun BCHT Biote has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and Changchun BCHT go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and Changchun BCHT
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to generate 1.07 times more return on investment than Changchun BCHT. However, Yunnan Jianzhijia is 1.07 times more volatile than Changchun BCHT Biotechnology. It trades about -0.04 of its potential returns per unit of risk. Changchun BCHT Biotechnology is currently generating about -0.07 per unit of risk. If you would invest 4,587 in Yunnan Jianzhijia Health Chain on January 3, 2025 and sell it today you would lose (2,450) from holding Yunnan Jianzhijia Health Chain or give up 53.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. Changchun BCHT Biotechnology
Performance |
| Timeline |
| Yunnan Jianzhijia |
| Changchun BCHT Biote |
Yunnan Jianzhijia and Changchun BCHT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and Changchun BCHT
The main advantage of trading using opposite Yunnan Jianzhijia and Changchun BCHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, Changchun BCHT 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 Changchun BCHT will offset losses from the drop in Changchun BCHT's long position.| Yunnan Jianzhijia vs. BYD Co Ltd | Yunnan Jianzhijia vs. China Mobile Limited | Yunnan Jianzhijia vs. Agricultural Bank of | Yunnan Jianzhijia vs. Industrial and Commercial |
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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