Correlation Between Yonyou Auto and Anshan Senyuan
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By analyzing existing cross correlation between Yonyou Auto Information and Anshan Senyuan Road, you can compare the effects of market volatilities on Yonyou Auto and Anshan Senyuan 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 Anshan Senyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yonyou Auto and Anshan Senyuan.
Diversification Opportunities for Yonyou Auto and Anshan Senyuan
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Yonyou and Anshan is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Yonyou Auto Information and Anshan Senyuan Road in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anshan Senyuan Road 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 Anshan Senyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anshan Senyuan Road has no effect on the direction of Yonyou Auto i.e., Yonyou Auto and Anshan Senyuan go up and down completely randomly.
Pair Corralation between Yonyou Auto and Anshan Senyuan
Assuming the 90 days trading horizon Yonyou Auto Information is expected to under-perform the Anshan Senyuan. But the stock apears to be less risky and, when comparing its historical volatility, Yonyou Auto Information is 2.03 times less risky than Anshan Senyuan. The stock trades about -0.04 of its potential returns per unit of risk. The Anshan Senyuan Road is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 316.00 in Anshan Senyuan Road on October 14, 2024 and sell it today you would earn a total of 599.00 from holding Anshan Senyuan Road or generate 189.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 85.74% |
| Values | Daily Returns |
Yonyou Auto Information vs. Anshan Senyuan Road
Performance |
| Timeline |
| Yonyou Auto Information |
| Anshan Senyuan Road |
Yonyou Auto and Anshan Senyuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yonyou Auto and Anshan Senyuan
The main advantage of trading using opposite Yonyou Auto and Anshan Senyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yonyou Auto position performs unexpectedly, Anshan Senyuan 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 Anshan Senyuan will offset losses from the drop in Anshan Senyuan's long position.| Yonyou Auto vs. Xingguang Agricultural Mach | Yonyou Auto vs. Jinlong Machinery Electronic | Yonyou Auto vs. Wintao Communications Co | Yonyou Auto vs. Sinomach General Machinery |
| Anshan Senyuan vs. Jiangsu Xinri E Vehicle | Anshan Senyuan vs. Yonyou Auto Information | Anshan Senyuan vs. Northking Information Technology | Anshan Senyuan vs. Nsfocus Information 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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