Correlation Between Ceragon Networks and Tianjin Yiyi
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By analyzing existing cross correlation between Ceragon Networks and Tianjin Yiyi Hygiene, you can compare the effects of market volatilities on Ceragon Networks and Tianjin Yiyi 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 Ceragon Networks with a short position of Tianjin Yiyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ceragon Networks and Tianjin Yiyi.
Diversification Opportunities for Ceragon Networks and Tianjin Yiyi
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ceragon and Tianjin is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Ceragon Networks and Tianjin Yiyi Hygiene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Yiyi Hygiene and Ceragon Networks 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 Ceragon Networks are associated (or correlated) with Tianjin Yiyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Yiyi Hygiene has no effect on the direction of Ceragon Networks i.e., Ceragon Networks and Tianjin Yiyi go up and down completely randomly.
Pair Corralation between Ceragon Networks and Tianjin Yiyi
Given the investment horizon of 90 days Ceragon Networks is expected to generate 2.88 times more return on investment than Tianjin Yiyi. However, Ceragon Networks is 2.88 times more volatile than Tianjin Yiyi Hygiene. It trades about 0.47 of its potential returns per unit of risk. Tianjin Yiyi Hygiene is currently generating about 0.11 per unit of risk. If you would invest 242.00 in Ceragon Networks on September 4, 2024 and sell it today you would earn a total of 174.00 from holding Ceragon Networks or generate 71.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Ceragon Networks vs. Tianjin Yiyi Hygiene
Performance |
| Timeline |
| Ceragon Networks |
| Tianjin Yiyi Hygiene |
Ceragon Networks and Tianjin Yiyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ceragon Networks and Tianjin Yiyi
The main advantage of trading using opposite Ceragon Networks and Tianjin Yiyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ceragon Networks position performs unexpectedly, Tianjin Yiyi 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 Tianjin Yiyi will offset losses from the drop in Tianjin Yiyi's long position.| Ceragon Networks vs. Cambium Networks Corp | Ceragon Networks vs. KVH Industries | Ceragon Networks vs. Knowles Cor | Ceragon Networks vs. AudioCodes |
| Tianjin Yiyi vs. Nuode Investment Co | Tianjin Yiyi vs. Xilinmen Furniture Co | Tianjin Yiyi vs. Vohringer Home Technology | Tianjin Yiyi vs. Zhangjiagang Freetrade Science |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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