Correlation Between Yonyou Auto and BTG Hotels
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By analyzing existing cross correlation between Yonyou Auto Information and BTG Hotels Group, you can compare the effects of market volatilities on Yonyou Auto and BTG Hotels 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 BTG Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yonyou Auto and BTG Hotels.
Diversification Opportunities for Yonyou Auto and BTG Hotels
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yonyou and BTG is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Yonyou Auto Information and BTG Hotels Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BTG Hotels Group 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 BTG Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTG Hotels Group has no effect on the direction of Yonyou Auto i.e., Yonyou Auto and BTG Hotels go up and down completely randomly.
Pair Corralation between Yonyou Auto and BTG Hotels
Assuming the 90 days trading horizon Yonyou Auto Information is expected to generate 1.38 times more return on investment than BTG Hotels. However, Yonyou Auto is 1.38 times more volatile than BTG Hotels Group. It trades about 0.11 of its potential returns per unit of risk. BTG Hotels Group is currently generating about 0.1 per unit of risk. If you would invest 1,879 in Yonyou Auto Information on September 1, 2024 and sell it today you would earn a total of 99.00 from holding Yonyou Auto Information or generate 5.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yonyou Auto Information vs. BTG Hotels Group
Performance |
| Timeline |
| Yonyou Auto Information |
| BTG Hotels Group |
Yonyou Auto and BTG Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yonyou Auto and BTG Hotels
The main advantage of trading using opposite Yonyou Auto and BTG Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yonyou Auto position performs unexpectedly, BTG Hotels 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 BTG Hotels will offset losses from the drop in BTG Hotels' long position.| Yonyou Auto vs. Ningbo Kangqiang Electronics | Yonyou Auto vs. Wuhan Yangtze Communication | Yonyou Auto vs. CSSC Offshore Marine | Yonyou Auto vs. Zhejiang JIULI Hi tech |
| BTG Hotels vs. Vanfund Urban Investment | BTG Hotels vs. Postal Savings Bank | BTG Hotels vs. Jointo Energy Investment | BTG Hotels vs. Zhejiang HISUN Biomaterials |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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