Correlation Between JuneYao Dairy and Panda Dairy
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By analyzing existing cross correlation between JuneYao Dairy Co and Panda Dairy Corp, you can compare the effects of market volatilities on JuneYao Dairy and Panda Dairy 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 Panda Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Panda Dairy.
Diversification Opportunities for JuneYao Dairy and Panda Dairy
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JuneYao and Panda is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and Panda Dairy Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panda Dairy Corp 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 Panda Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panda Dairy Corp has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and Panda Dairy go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Panda Dairy
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to generate 0.8 times more return on investment than Panda Dairy. However, JuneYao Dairy Co is 1.24 times less risky than Panda Dairy. It trades about -0.07 of its potential returns per unit of risk. Panda Dairy Corp is currently generating about -0.11 per unit of risk. If you would invest 634.00 in JuneYao Dairy Co on October 22, 2024 and sell it today you would lose (29.00) from holding JuneYao Dairy Co or give up 4.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JuneYao Dairy Co vs. Panda Dairy Corp
Performance |
| Timeline |
| JuneYao Dairy |
| Panda Dairy Corp |
JuneYao Dairy and Panda Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and Panda Dairy
The main advantage of trading using opposite JuneYao Dairy and Panda Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, Panda Dairy 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 Panda Dairy will offset losses from the drop in Panda Dairy's long position.| JuneYao Dairy vs. China Everbright Bank | JuneYao Dairy vs. Yuan Longping High tech | JuneYao Dairy vs. Montage Technology Co | JuneYao Dairy vs. Panda Financial Holding |
| Panda Dairy vs. Kailong High Technology | Panda Dairy vs. Bosera CMSK Industrial | Panda Dairy vs. Cabio Biotech Wuhan | Panda Dairy vs. Digiwin Software 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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