Correlation Between Puya Semiconductor and Ye Chiu
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By analyzing existing cross correlation between Puya Semiconductor Shanghai and Ye Chiu Metal, you can compare the effects of market volatilities on Puya Semiconductor and Ye Chiu 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 Puya Semiconductor with a short position of Ye Chiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Puya Semiconductor and Ye Chiu.
Diversification Opportunities for Puya Semiconductor and Ye Chiu
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Puya and 601388 is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Puya Semiconductor Shanghai and Ye Chiu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ye Chiu Metal and Puya Semiconductor 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 Puya Semiconductor Shanghai are associated (or correlated) with Ye Chiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ye Chiu Metal has no effect on the direction of Puya Semiconductor i.e., Puya Semiconductor and Ye Chiu go up and down completely randomly.
Pair Corralation between Puya Semiconductor and Ye Chiu
Assuming the 90 days trading horizon Puya Semiconductor Shanghai is expected to generate 1.51 times more return on investment than Ye Chiu. However, Puya Semiconductor is 1.51 times more volatile than Ye Chiu Metal. It trades about 0.07 of its potential returns per unit of risk. Ye Chiu Metal is currently generating about 0.04 per unit of risk. If you would invest 6,555 in Puya Semiconductor Shanghai on November 3, 2024 and sell it today you would earn a total of 4,274 from holding Puya Semiconductor Shanghai or generate 65.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Puya Semiconductor Shanghai vs. Ye Chiu Metal
Performance |
| Timeline |
| Puya Semiconductor |
| Ye Chiu Metal |
Puya Semiconductor and Ye Chiu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Puya Semiconductor and Ye Chiu
The main advantage of trading using opposite Puya Semiconductor and Ye Chiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Puya Semiconductor position performs unexpectedly, Ye Chiu 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 Ye Chiu will offset losses from the drop in Ye Chiu's long position.| Puya Semiconductor vs. Huatian Hotel Group | Puya Semiconductor vs. BTG Hotels Group | Puya Semiconductor vs. Jiangsu Phoenix Publishing | Puya Semiconductor vs. Xinjiang Qingsong Building |
| Ye Chiu vs. Keda Clean Energy | Ye Chiu vs. Citic Guoan Wine | Ye Chiu vs. Tsingtao Brewery Co | Ye Chiu vs. Tonghua Grape Wine |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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