Correlation Between INTNED and Yuexiu Transport
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By analyzing existing cross correlation between INTNED 575 and Yuexiu Transport Infrastructure, you can compare the effects of market volatilities on INTNED and Yuexiu Transport 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 INTNED with a short position of Yuexiu Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTNED and Yuexiu Transport.
Diversification Opportunities for INTNED and Yuexiu Transport
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between INTNED and Yuexiu is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding INTNED 575 and Yuexiu Transport Infrastructur in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yuexiu Transport Inf and INTNED 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 INTNED 575 are associated (or correlated) with Yuexiu Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yuexiu Transport Inf has no effect on the direction of INTNED i.e., INTNED and Yuexiu Transport go up and down completely randomly.
Pair Corralation between INTNED and Yuexiu Transport
Assuming the 90 days trading horizon INTNED is expected to generate 6.77 times less return on investment than Yuexiu Transport. But when comparing it to its historical volatility, INTNED 575 is 2.04 times less risky than Yuexiu Transport. It trades about 0.03 of its potential returns per unit of risk. Yuexiu Transport Infrastructure is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 20.00 in Yuexiu Transport Infrastructure on September 3, 2024 and sell it today you would earn a total of 38.00 from holding Yuexiu Transport Infrastructure or generate 190.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 49.9% |
| Values | Daily Returns |
INTNED 575 vs. Yuexiu Transport Infrastructur
Performance |
| Timeline |
| INTNED 575 |
| Yuexiu Transport Inf |
INTNED and Yuexiu Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTNED and Yuexiu Transport
The main advantage of trading using opposite INTNED and Yuexiu Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTNED position performs unexpectedly, Yuexiu Transport 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 Yuexiu Transport will offset losses from the drop in Yuexiu Transport's long position.| INTNED vs. Yuexiu Transport Infrastructure | INTNED vs. TFI International | INTNED vs. Proficient Auto Logistics, | INTNED vs. Asure Software |
| Yuexiu Transport vs. Zhejiang Expressway Co | Yuexiu Transport vs. Jiangsu Expressway Co | Yuexiu Transport vs. Jiangsu Expressway | Yuexiu Transport vs. Verra Mobility Corp |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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