Correlation Between Yonyou Auto and Keeson Technology
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By analyzing existing cross correlation between Yonyou Auto Information and Keeson Technology Corp, you can compare the effects of market volatilities on Yonyou Auto and Keeson Technology 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 Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yonyou Auto and Keeson Technology.
Diversification Opportunities for Yonyou Auto and Keeson Technology
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Yonyou and Keeson is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Yonyou Auto Information and Keeson Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keeson Technology Corp 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 Keeson Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keeson Technology Corp has no effect on the direction of Yonyou Auto i.e., Yonyou Auto and Keeson Technology go up and down completely randomly.
Pair Corralation between Yonyou Auto and Keeson Technology
Assuming the 90 days trading horizon Yonyou Auto Information is expected to under-perform the Keeson Technology. But the stock apears to be less risky and, when comparing its historical volatility, Yonyou Auto Information is 1.06 times less risky than Keeson Technology. The stock trades about -0.02 of its potential returns per unit of risk. The Keeson Technology Corp is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,188 in Keeson Technology Corp on November 27, 2024 and sell it today you would earn a total of 14.00 from holding Keeson Technology Corp or generate 1.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.37% |
| Values | Daily Returns |
Yonyou Auto Information vs. Keeson Technology Corp
Performance |
| Timeline |
| Yonyou Auto Information |
| Keeson Technology Corp |
Yonyou Auto and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yonyou Auto and Keeson Technology
The main advantage of trading using opposite Yonyou Auto and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yonyou Auto position performs unexpectedly, Keeson Technology 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 Keeson Technology will offset losses from the drop in Keeson Technology's long position.| Yonyou Auto vs. Holitech Technology Co | Yonyou Auto vs. Gome Telecom Equipment | Yonyou Auto vs. Cultural Investment Holdings | Yonyou Auto vs. Danhua Chemical Technology |
| Keeson Technology vs. Porton Fine Chemicals | Keeson Technology vs. Jiangxi Sunshine Dairy | Keeson Technology vs. Shandong Rike Chemical | Keeson Technology vs. Springsnow Food Group |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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