Correlation Between JuneYao Dairy and Gan Yuan
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By analyzing existing cross correlation between JuneYao Dairy Co and Gan Yuan Foods, you can compare the effects of market volatilities on JuneYao Dairy and Gan Yuan 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 JuneYao Dairy with a short position of Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Gan Yuan.
Diversification Opportunities for JuneYao Dairy and Gan Yuan
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between JuneYao and Gan is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods and JuneYao Dairy 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 JuneYao Dairy Co are associated (or correlated) with Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and Gan Yuan go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Gan Yuan
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to under-perform the Gan Yuan. In addition to that, JuneYao Dairy is 1.38 times more volatile than Gan Yuan Foods. It trades about 0.0 of its total potential returns per unit of risk. Gan Yuan Foods is currently generating about 0.05 per unit of volatility. If you would invest 6,771 in Gan Yuan Foods on November 3, 2024 and sell it today you would earn a total of 1,951 from holding Gan Yuan Foods or generate 28.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JuneYao Dairy Co vs. Gan Yuan Foods
Performance |
| Timeline |
| JuneYao Dairy |
| Gan Yuan Foods |
JuneYao Dairy and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and Gan Yuan
The main advantage of trading using opposite JuneYao Dairy and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.| JuneYao Dairy vs. Bus Online Co | JuneYao Dairy vs. Holitech Technology Co | JuneYao Dairy vs. Gome Telecom Equipment | JuneYao Dairy vs. Cultural Investment Holdings |
| Gan Yuan vs. Xinjiang Baodi Mining | Gan Yuan vs. Guangzhou Jointas Chemical | Gan Yuan vs. Ningbo Fujia Industrial | Gan Yuan vs. Shenzhen Noposion Agrochemicals |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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