Correlation Between Yonyou Auto and Beijing Roborock
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By analyzing existing cross correlation between Yonyou Auto Information and Beijing Roborock Technology, you can compare the effects of market volatilities on Yonyou Auto and Beijing Roborock 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 Yonyou Auto with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yonyou Auto and Beijing Roborock.
Diversification Opportunities for Yonyou Auto and Beijing Roborock
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Yonyou and Beijing is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Yonyou Auto Information and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec and Yonyou Auto 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 Yonyou Auto Information are associated (or correlated) with Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Yonyou Auto i.e., Yonyou Auto and Beijing Roborock go up and down completely randomly.
Pair Corralation between Yonyou Auto and Beijing Roborock
Assuming the 90 days trading horizon Yonyou Auto Information is expected to generate 0.78 times more return on investment than Beijing Roborock. However, Yonyou Auto Information is 1.29 times less risky than Beijing Roborock. It trades about 0.1 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.02 per unit of risk. If you would invest 1,544 in Yonyou Auto Information on September 26, 2024 and sell it today you would earn a total of 291.00 from holding Yonyou Auto Information or generate 18.85% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Yonyou Auto Information vs. Beijing Roborock Technology
Performance |
Timeline |
Yonyou Auto Information |
Beijing Roborock Tec |
Yonyou Auto and Beijing Roborock Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yonyou Auto and Beijing Roborock
The main advantage of trading using opposite Yonyou Auto and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yonyou Auto position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.Yonyou Auto vs. Industrial and Commercial | Yonyou Auto vs. Agricultural Bank of | Yonyou Auto vs. China Construction Bank | Yonyou Auto vs. Bank of China |
Beijing Roborock vs. Talkweb Information System | Beijing Roborock vs. Yonyou Auto Information | Beijing Roborock vs. Zhuhai Comleader Information | Beijing Roborock vs. Westone Information Industry |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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