Correlation Between 49803XAA1 and Yuexiu Transport
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By analyzing existing cross correlation between KITE RLTY GROUP and Yuexiu Transport Infrastructure, you can compare the effects of market volatilities on 49803XAA1 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 49803XAA1 with a short position of Yuexiu Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of 49803XAA1 and Yuexiu Transport.
Diversification Opportunities for 49803XAA1 and Yuexiu Transport
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 49803XAA1 and Yuexiu is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding KITE RLTY GROUP 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 49803XAA1 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 KITE RLTY GROUP 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 49803XAA1 i.e., 49803XAA1 and Yuexiu Transport go up and down completely randomly.
Pair Corralation between 49803XAA1 and Yuexiu Transport
Assuming the 90 days trading horizon 49803XAA1 is expected to generate 76.22 times less return on investment than Yuexiu Transport. But when comparing it to its historical volatility, KITE RLTY GROUP is 3.52 times less risky than Yuexiu Transport. It trades about 0.0 of its potential returns per unit of risk. Yuexiu Transport Infrastructure is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 22.00 in Yuexiu Transport Infrastructure on September 12, 2024 and sell it today you would earn a total of 36.00 from holding Yuexiu Transport Infrastructure or generate 163.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.56% |
| Values | Daily Returns |
KITE RLTY GROUP vs. Yuexiu Transport Infrastructur
Performance |
| Timeline |
| KITE RLTY GROUP |
| Yuexiu Transport Inf |
49803XAA1 and Yuexiu Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 49803XAA1 and Yuexiu Transport
The main advantage of trading using opposite 49803XAA1 and Yuexiu Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 49803XAA1 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.| 49803XAA1 vs. Yuexiu Transport Infrastructure | 49803XAA1 vs. Mesa Air Group | 49803XAA1 vs. Summit Materials | 49803XAA1 vs. Harmony Gold Mining |
| 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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