Correlation Between Yuexiu Transport and Hugo Boss
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By analyzing existing cross correlation between Yuexiu Transport Infrastructure and Hugo Boss AG, you can compare the effects of market volatilities on Yuexiu Transport and Hugo Boss 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 Yuexiu Transport with a short position of Hugo Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuexiu Transport and Hugo Boss.
Diversification Opportunities for Yuexiu Transport and Hugo Boss
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Yuexiu and Hugo is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Yuexiu Transport Infrastructur and Hugo Boss AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hugo Boss AG and Yuexiu Transport 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 Yuexiu Transport Infrastructure are associated (or correlated) with Hugo Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hugo Boss AG has no effect on the direction of Yuexiu Transport i.e., Yuexiu Transport and Hugo Boss go up and down completely randomly.
Pair Corralation between Yuexiu Transport and Hugo Boss
Assuming the 90 days horizon Yuexiu Transport Infrastructure is expected to under-perform the Hugo Boss. But the stock apears to be less risky and, when comparing its historical volatility, Yuexiu Transport Infrastructure is 1.16 times less risky than Hugo Boss. The stock trades about -0.09 of its potential returns per unit of risk. The Hugo Boss AG is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 4,258 in Hugo Boss AG on November 4, 2024 and sell it today you would earn a total of 265.00 from holding Hugo Boss AG or generate 6.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yuexiu Transport Infrastructur vs. Hugo Boss AG
Performance |
| Timeline |
| Yuexiu Transport Inf |
| Hugo Boss AG |
Yuexiu Transport and Hugo Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuexiu Transport and Hugo Boss
The main advantage of trading using opposite Yuexiu Transport and Hugo Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuexiu Transport position performs unexpectedly, Hugo Boss 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 Hugo Boss will offset losses from the drop in Hugo Boss' long position.| Yuexiu Transport vs. Transurban Group | Yuexiu Transport vs. Getlink SE | Yuexiu Transport vs. Jiangsu Expressway | Yuexiu Transport vs. Zhejiang Expressway Co |
| Hugo Boss vs. Sumitomo Rubber Industries | Hugo Boss vs. Monument Mining Limited | Hugo Boss vs. The Yokohama Rubber | Hugo Boss vs. Materialise NV |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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