Correlation Between Salesforce and Yonghui Superstores
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By analyzing existing cross correlation between Salesforce and Yonghui Superstores Co, you can compare the effects of market volatilities on Salesforce and Yonghui Superstores 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 Salesforce with a short position of Yonghui Superstores. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salesforce and Yonghui Superstores.
Diversification Opportunities for Salesforce and Yonghui Superstores
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Salesforce and Yonghui is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Salesforce and Yonghui Superstores Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonghui Superstores and Salesforce 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 Salesforce are associated (or correlated) with Yonghui Superstores. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonghui Superstores has no effect on the direction of Salesforce i.e., Salesforce and Yonghui Superstores go up and down completely randomly.
Pair Corralation between Salesforce and Yonghui Superstores
Considering the 90-day investment horizon Salesforce is expected to generate 0.6 times more return on investment than Yonghui Superstores. However, Salesforce is 1.68 times less risky than Yonghui Superstores. It trades about 0.1 of its potential returns per unit of risk. Yonghui Superstores Co is currently generating about 0.05 per unit of risk. If you would invest 19,994 in Salesforce on August 26, 2024 and sell it today you would earn a total of 14,208 from holding Salesforce or generate 71.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 96.3% |
| Values | Daily Returns |
Salesforce vs. Yonghui Superstores Co
Performance |
| Timeline |
| Salesforce |
| Yonghui Superstores |
Salesforce and Yonghui Superstores Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salesforce and Yonghui Superstores
The main advantage of trading using opposite Salesforce and Yonghui Superstores positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salesforce position performs unexpectedly, Yonghui Superstores 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 Yonghui Superstores will offset losses from the drop in Yonghui Superstores' long position.| Salesforce vs. Zoom Video Communications | Salesforce vs. C3 Ai Inc | Salesforce vs. Shopify | Salesforce vs. Workday |
| Yonghui Superstores vs. Industrial and Commercial | Yonghui Superstores vs. Agricultural Bank of | Yonghui Superstores vs. China Construction Bank | Yonghui Superstores 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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