Correlation Between JuneYao Dairy and Semiconductor Manufacturing
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By analyzing existing cross correlation between JuneYao Dairy Co and Semiconductor Manufacturing Electronics, you can compare the effects of market volatilities on JuneYao Dairy and Semiconductor Manufacturing 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 Semiconductor Manufacturing. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Semiconductor Manufacturing.
Diversification Opportunities for JuneYao Dairy and Semiconductor Manufacturing
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between JuneYao and Semiconductor is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and Semiconductor Manufacturing El in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Semiconductor Manufacturing 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 Semiconductor Manufacturing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Semiconductor Manufacturing has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and Semiconductor Manufacturing go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Semiconductor Manufacturing
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to generate 2.33 times more return on investment than Semiconductor Manufacturing. However, JuneYao Dairy is 2.33 times more volatile than Semiconductor Manufacturing Electronics. It trades about 0.07 of its potential returns per unit of risk. Semiconductor Manufacturing Electronics is currently generating about -0.04 per unit of risk. If you would invest 604.00 in JuneYao Dairy Co on September 27, 2024 and sell it today you would earn a total of 34.00 from holding JuneYao Dairy Co or generate 5.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JuneYao Dairy Co vs. Semiconductor Manufacturing El
Performance |
| Timeline |
| JuneYao Dairy |
| Semiconductor Manufacturing |
JuneYao Dairy and Semiconductor Manufacturing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and Semiconductor Manufacturing
The main advantage of trading using opposite JuneYao Dairy and Semiconductor Manufacturing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, Semiconductor Manufacturing 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 Semiconductor Manufacturing will offset losses from the drop in Semiconductor Manufacturing's long position.| JuneYao Dairy vs. Semiconductor Manufacturing Electronics | JuneYao Dairy vs. Everjoy Health Group | JuneYao Dairy vs. Humanwell Healthcare Group | JuneYao Dairy vs. Kingclean Electric Co |
| Semiconductor Manufacturing vs. Ming Yang Smart | Semiconductor Manufacturing vs. 159681 | Semiconductor Manufacturing vs. 159005 | Semiconductor Manufacturing vs. Loctek Ergonomic Technology |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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