Correlation Between Yankershop Food and Yoantion Industrial
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By analyzing existing cross correlation between Yankershop Food Co and Yoantion Industrial IncLtd, you can compare the effects of market volatilities on Yankershop Food and Yoantion Industrial 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 Yankershop Food with a short position of Yoantion Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yankershop Food and Yoantion Industrial.
Diversification Opportunities for Yankershop Food and Yoantion Industrial
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yankershop and Yoantion is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Yankershop Food Co and Yoantion Industrial IncLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yoantion Industrial and Yankershop Food 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 Yankershop Food Co are associated (or correlated) with Yoantion Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yoantion Industrial has no effect on the direction of Yankershop Food i.e., Yankershop Food and Yoantion Industrial go up and down completely randomly.
Pair Corralation between Yankershop Food and Yoantion Industrial
Assuming the 90 days trading horizon Yankershop Food Co is expected to generate 0.83 times more return on investment than Yoantion Industrial. However, Yankershop Food Co is 1.2 times less risky than Yoantion Industrial. It trades about 0.2 of its potential returns per unit of risk. Yoantion Industrial IncLtd is currently generating about 0.06 per unit of risk. If you would invest 4,278 in Yankershop Food Co on September 25, 2024 and sell it today you would earn a total of 1,830 from holding Yankershop Food Co or generate 42.78% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Yankershop Food Co vs. Yoantion Industrial IncLtd
Performance |
Timeline |
Yankershop Food |
Yoantion Industrial |
Yankershop Food and Yoantion Industrial Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yankershop Food and Yoantion Industrial
The main advantage of trading using opposite Yankershop Food and Yoantion Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yankershop Food position performs unexpectedly, Yoantion Industrial 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 Yoantion Industrial will offset losses from the drop in Yoantion Industrial's long position.Yankershop Food vs. Ming Yang Smart | Yankershop Food vs. 159681 | Yankershop Food vs. 159005 | Yankershop Food vs. Loctek Ergonomic Technology |
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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 Directory module to find actively traded commodities issued by global exchanges.
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