Correlation Between Yuexiu Transport and INTNED
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By analyzing existing cross correlation between Yuexiu Transport Infrastructure and INTNED 575, you can compare the effects of market volatilities on Yuexiu Transport and INTNED 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 INTNED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuexiu Transport and INTNED.
Diversification Opportunities for Yuexiu Transport and INTNED
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yuexiu and INTNED is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Yuexiu Transport Infrastructur and INTNED 575 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTNED 575 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 INTNED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTNED 575 has no effect on the direction of Yuexiu Transport i.e., Yuexiu Transport and INTNED go up and down completely randomly.
Pair Corralation between Yuexiu Transport and INTNED
Assuming the 90 days horizon Yuexiu Transport Infrastructure is expected to generate 0.37 times more return on investment than INTNED. However, Yuexiu Transport Infrastructure is 2.71 times less risky than INTNED. It trades about 0.22 of its potential returns per unit of risk. INTNED 575 is currently generating about -0.3 per unit of risk. If you would invest 57.00 in Yuexiu Transport Infrastructure on September 3, 2024 and sell it today you would earn a total of 1.00 from holding Yuexiu Transport Infrastructure or generate 1.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 45.0% |
| Values | Daily Returns |
Yuexiu Transport Infrastructur vs. INTNED 575
Performance |
| Timeline |
| Yuexiu Transport Inf |
| INTNED 575 |
Yuexiu Transport and INTNED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuexiu Transport and INTNED
The main advantage of trading using opposite Yuexiu Transport and INTNED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuexiu Transport position performs unexpectedly, INTNED 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 INTNED will offset losses from the drop in INTNED's long position.| Yuexiu Transport vs. Zhejiang Expressway Co | Yuexiu Transport vs. Jiangsu Expressway Co | Yuexiu Transport vs. Jiangsu Expressway | Yuexiu Transport vs. Verra Mobility Corp |
| INTNED vs. Yuexiu Transport Infrastructure | INTNED vs. TFI International | INTNED vs. Proficient Auto Logistics, | INTNED vs. Asure Software |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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