Correlation Between JuneYao Dairy and China Petroleum
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By analyzing existing cross correlation between JuneYao Dairy Co and China Petroleum Chemical, you can compare the effects of market volatilities on JuneYao Dairy and China Petroleum 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 China Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and China Petroleum.
Diversification Opportunities for JuneYao Dairy and China Petroleum
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between JuneYao and China is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and China Petroleum Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Petroleum Chemical 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 China Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Petroleum Chemical has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and China Petroleum go up and down completely randomly.
Pair Corralation between JuneYao Dairy and China Petroleum
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to generate 2.88 times more return on investment than China Petroleum. However, JuneYao Dairy is 2.88 times more volatile than China Petroleum Chemical. It trades about 0.24 of its potential returns per unit of risk. China Petroleum Chemical is currently generating about -0.11 per unit of risk. If you would invest 548.00 in JuneYao Dairy Co on September 13, 2024 and sell it today you would earn a total of 197.00 from holding JuneYao Dairy Co or generate 35.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JuneYao Dairy Co vs. China Petroleum Chemical
Performance |
| Timeline |
| JuneYao Dairy |
| China Petroleum Chemical |
JuneYao Dairy and China Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and China Petroleum
The main advantage of trading using opposite JuneYao Dairy and China Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, China Petroleum 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 China Petroleum will offset losses from the drop in China Petroleum's long position.| JuneYao Dairy vs. Everjoy Health Group | JuneYao Dairy vs. Hengerda New Materials | JuneYao Dairy vs. Tianjin Pengling Rubber | JuneYao Dairy vs. Suzhou Xingye Material |
| China Petroleum vs. Shanghai Metersbonwe FashionAccessories | China Petroleum vs. China Sports Industry | China Petroleum vs. Zhongshan Broad Ocean Motor | China Petroleum vs. Sichuan Fulin Transportation |
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