Correlation Between JuneYao Dairy and Qingdao Citymedia
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By analyzing existing cross correlation between JuneYao Dairy Co and Qingdao Citymedia Co, you can compare the effects of market volatilities on JuneYao Dairy and Qingdao Citymedia 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 Qingdao Citymedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Qingdao Citymedia.
Diversification Opportunities for JuneYao Dairy and Qingdao Citymedia
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between JuneYao and Qingdao is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and Qingdao Citymedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao Citymedia 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 Qingdao Citymedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao Citymedia has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and Qingdao Citymedia go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Qingdao Citymedia
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to under-perform the Qingdao Citymedia. In addition to that, JuneYao Dairy is 1.07 times more volatile than Qingdao Citymedia Co. It trades about -0.04 of its total potential returns per unit of risk. Qingdao Citymedia Co is currently generating about -0.03 per unit of volatility. If you would invest 1,105 in Qingdao Citymedia Co on January 24, 2025 and sell it today you would lose (451.00) from holding Qingdao Citymedia Co or give up 40.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JuneYao Dairy Co vs. Qingdao Citymedia Co
Performance |
| Timeline |
| JuneYao Dairy |
| Qingdao Citymedia |
JuneYao Dairy and Qingdao Citymedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and Qingdao Citymedia
The main advantage of trading using opposite JuneYao Dairy and Qingdao Citymedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, Qingdao Citymedia 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 Qingdao Citymedia will offset losses from the drop in Qingdao Citymedia's long position.| JuneYao Dairy vs. Ningxia Younglight Chemicals | JuneYao Dairy vs. China Everbright Bank | JuneYao Dairy vs. Financial Street Holdings | JuneYao Dairy vs. Easyhome New Retail |
| Qingdao Citymedia vs. Industrial and Commercial | Qingdao Citymedia vs. Agricultural Bank of | Qingdao Citymedia vs. China Construction Bank | Qingdao Citymedia vs. Bank of China |
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 CEOs Directory module to screen CEOs from public companies around the world.
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