Correlation Between Namchow Food and Yankershop Food
Specify exactly 2 symbols:
By analyzing existing cross correlation between Namchow Food Group and Yankershop Food Co, you can compare the effects of market volatilities on Namchow Food and Yankershop Food 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 Namchow Food with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Namchow Food and Yankershop Food.
Diversification Opportunities for Namchow Food and Yankershop Food
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Namchow and Yankershop is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Namchow Food Group and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Namchow Food 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 Namchow Food Group are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Namchow Food i.e., Namchow Food and Yankershop Food go up and down completely randomly.
Pair Corralation between Namchow Food and Yankershop Food
Assuming the 90 days trading horizon Namchow Food Group is expected to under-perform the Yankershop Food. But the stock apears to be less risky and, when comparing its historical volatility, Namchow Food Group is 1.11 times less risky than Yankershop Food. The stock trades about -0.12 of its potential returns per unit of risk. The Yankershop Food Co is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 5,240 in Yankershop Food Co on August 27, 2024 and sell it today you would lose (150.00) from holding Yankershop Food Co or give up 2.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Namchow Food Group vs. Yankershop Food Co
Performance |
| Timeline |
| Namchow Food Group |
| Yankershop Food |
Namchow Food and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Namchow Food and Yankershop Food
The main advantage of trading using opposite Namchow Food and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Namchow Food position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| Namchow Food vs. China Petroleum Chemical | Namchow Food vs. PetroChina Co Ltd | Namchow Food vs. China State Construction | Namchow Food vs. China Railway Group |
| Yankershop Food vs. China Petroleum Chemical | Yankershop Food vs. PetroChina Co Ltd | Yankershop Food vs. China State Construction | Yankershop Food vs. China Railway Group |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |