Correlation Between Youngy Health and De Rucci
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By analyzing existing cross correlation between Youngy Health Co and De Rucci Healthy, you can compare the effects of market volatilities on Youngy Health and De Rucci 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 Youngy Health with a short position of De Rucci. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and De Rucci.
Diversification Opportunities for Youngy Health and De Rucci
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Youngy and 001323 is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and De Rucci Healthy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on De Rucci Healthy and Youngy Health 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 Youngy Health Co are associated (or correlated) with De Rucci. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of De Rucci Healthy has no effect on the direction of Youngy Health i.e., Youngy Health and De Rucci go up and down completely randomly.
Pair Corralation between Youngy Health and De Rucci
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 1.75 times more return on investment than De Rucci. However, Youngy Health is 1.75 times more volatile than De Rucci Healthy. It trades about 0.24 of its potential returns per unit of risk. De Rucci Healthy is currently generating about 0.23 per unit of risk. If you would invest 243.00 in Youngy Health Co on September 14, 2024 and sell it today you would earn a total of 208.00 from holding Youngy Health Co or generate 85.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 98.28% |
Values | Daily Returns |
Youngy Health Co vs. De Rucci Healthy
Performance |
Timeline |
Youngy Health |
De Rucci Healthy |
Youngy Health and De Rucci Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Youngy Health and De Rucci
The main advantage of trading using opposite Youngy Health and De Rucci positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, De Rucci 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 De Rucci will offset losses from the drop in De Rucci's long position.Youngy Health vs. Biwin Storage Technology | Youngy Health vs. PetroChina Co Ltd | Youngy Health vs. Industrial and Commercial | Youngy Health vs. China Construction Bank |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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