Correlation Between Yes Optoelectronics and Cambricon Technologies
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By analyzing existing cross correlation between Yes Optoelectronics Co and Cambricon Technologies Corp, you can compare the effects of market volatilities on Yes Optoelectronics and Cambricon Technologies 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 Yes Optoelectronics with a short position of Cambricon Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yes Optoelectronics and Cambricon Technologies.
Diversification Opportunities for Yes Optoelectronics and Cambricon Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yes and Cambricon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yes Optoelectronics Co and Cambricon Technologies Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cambricon Technologies and Yes Optoelectronics 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 Yes Optoelectronics Co are associated (or correlated) with Cambricon Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cambricon Technologies has no effect on the direction of Yes Optoelectronics i.e., Yes Optoelectronics and Cambricon Technologies go up and down completely randomly.
Pair Corralation between Yes Optoelectronics and Cambricon Technologies
If you would invest 1,717 in Yes Optoelectronics Co on October 9, 2024 and sell it today you would earn a total of 817.00 from holding Yes Optoelectronics Co or generate 47.58% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.21% |
Values | Daily Returns |
Yes Optoelectronics Co vs. Cambricon Technologies Corp
Performance |
Timeline |
Yes Optoelectronics |
Cambricon Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Yes Optoelectronics and Cambricon Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yes Optoelectronics and Cambricon Technologies
The main advantage of trading using opposite Yes Optoelectronics and Cambricon Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yes Optoelectronics position performs unexpectedly, Cambricon Technologies 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 Cambricon Technologies will offset losses from the drop in Cambricon Technologies' long position.Yes Optoelectronics vs. Elite Color Environmental | Yes Optoelectronics vs. China World Trade | Yes Optoelectronics vs. Gansu Jiu Steel | Yes Optoelectronics vs. China Life Insurance |
Cambricon Technologies vs. Tonghua Grape Wine | Cambricon Technologies vs. Servyou Software Group | Cambricon Technologies vs. Longjian Road Bridge | Cambricon Technologies vs. Xinjiang Beixin RoadBridge |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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