Correlation Between Youngy Health and Jiangxi Ganfeng
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By analyzing existing cross correlation between Youngy Health Co and Jiangxi Ganfeng Lithium, you can compare the effects of market volatilities on Youngy Health and Jiangxi Ganfeng 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 Jiangxi Ganfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Jiangxi Ganfeng.
Diversification Opportunities for Youngy Health and Jiangxi Ganfeng
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Youngy and Jiangxi is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Jiangxi Ganfeng Lithium in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Ganfeng Lithium 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 Jiangxi Ganfeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Ganfeng Lithium has no effect on the direction of Youngy Health i.e., Youngy Health and Jiangxi Ganfeng go up and down completely randomly.
Pair Corralation between Youngy Health and Jiangxi Ganfeng
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 1.28 times more return on investment than Jiangxi Ganfeng. However, Youngy Health is 1.28 times more volatile than Jiangxi Ganfeng Lithium. It trades about -0.04 of its potential returns per unit of risk. Jiangxi Ganfeng Lithium is currently generating about -0.15 per unit of risk. If you would invest 382.00 in Youngy Health Co on October 23, 2024 and sell it today you would lose (24.00) from holding Youngy Health Co or give up 6.28% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Youngy Health Co vs. Jiangxi Ganfeng Lithium
Performance |
Timeline |
Youngy Health |
Jiangxi Ganfeng Lithium |
Youngy Health and Jiangxi Ganfeng Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Youngy Health and Jiangxi Ganfeng
The main advantage of trading using opposite Youngy Health and Jiangxi Ganfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Jiangxi Ganfeng 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 Jiangxi Ganfeng will offset losses from the drop in Jiangxi Ganfeng's long position.Youngy Health vs. Industrial Bank Co | Youngy Health vs. Guosheng Financial Holding | Youngy Health vs. Shanghai CEO Environmental | Youngy Health vs. Bank of Suzhou |
Jiangxi Ganfeng vs. Hainan Mining Co | Jiangxi Ganfeng vs. Guangdong Ellington Electronics | Jiangxi Ganfeng vs. North Copper Shanxi | Jiangxi Ganfeng vs. Weihai Honglin Electronic |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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