Correlation Between Youngy Health and CITIC Metal
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By analyzing existing cross correlation between Youngy Health Co and CITIC Metal Co, you can compare the effects of market volatilities on Youngy Health and CITIC Metal 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 CITIC Metal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and CITIC Metal.
Diversification Opportunities for Youngy Health and CITIC Metal
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Youngy and CITIC is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and CITIC Metal Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CITIC Metal 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 CITIC Metal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CITIC Metal has no effect on the direction of Youngy Health i.e., Youngy Health and CITIC Metal go up and down completely randomly.
Pair Corralation between Youngy Health and CITIC Metal
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 3.46 times more return on investment than CITIC Metal. However, Youngy Health is 3.46 times more volatile than CITIC Metal Co. It trades about 0.13 of its potential returns per unit of risk. CITIC Metal Co is currently generating about -0.03 per unit of risk. If you would invest 331.00 in Youngy Health Co on September 23, 2024 and sell it today you would earn a total of 79.00 from holding Youngy Health Co or generate 23.87% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Youngy Health Co vs. CITIC Metal Co
Performance |
Timeline |
Youngy Health |
CITIC Metal |
Youngy Health and CITIC Metal Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Youngy Health and CITIC Metal
The main advantage of trading using opposite Youngy Health and CITIC Metal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, CITIC Metal 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 CITIC Metal will offset losses from the drop in CITIC Metal's long position.Youngy Health vs. Ming Yang Smart | Youngy Health vs. 159681 | Youngy Health vs. 159005 | Youngy Health 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 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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