Correlation Between Yonyou Auto and Innovative Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yonyou Auto Information and Innovative Medical Management, you can compare the effects of market volatilities on Yonyou Auto and Innovative Medical 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 Yonyou Auto with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yonyou Auto and Innovative Medical.
Diversification Opportunities for Yonyou Auto and Innovative Medical
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yonyou and Innovative is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Yonyou Auto Information and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Yonyou Auto 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 Yonyou Auto Information are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Yonyou Auto i.e., Yonyou Auto and Innovative Medical go up and down completely randomly.
Pair Corralation between Yonyou Auto and Innovative Medical
Assuming the 90 days trading horizon Yonyou Auto Information is expected to under-perform the Innovative Medical. But the stock apears to be less risky and, when comparing its historical volatility, Yonyou Auto Information is 2.04 times less risky than Innovative Medical. The stock trades about -0.01 of its potential returns per unit of risk. The Innovative Medical Management is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 765.00 in Innovative Medical Management on August 29, 2024 and sell it today you would earn a total of 128.00 from holding Innovative Medical Management or generate 16.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yonyou Auto Information vs. Innovative Medical Management
Performance |
| Timeline |
| Yonyou Auto Information |
| Innovative Medical |
Yonyou Auto and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yonyou Auto and Innovative Medical
The main advantage of trading using opposite Yonyou Auto and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yonyou Auto position performs unexpectedly, Innovative Medical 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Yonyou Auto vs. Agricultural Bank of | Yonyou Auto vs. Industrial and Commercial | Yonyou Auto vs. Bank of China | Yonyou Auto vs. PetroChina Co Ltd |
| Innovative Medical vs. Industrial and Commercial | Innovative Medical vs. China Construction Bank | Innovative Medical vs. Agricultural Bank of | Innovative Medical 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |