Correlation Between Imeik Technology and Yili Chuanning
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By analyzing existing cross correlation between Imeik Technology Development and Yili Chuanning Biotechnology, you can compare the effects of market volatilities on Imeik Technology and Yili Chuanning 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 Imeik Technology with a short position of Yili Chuanning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imeik Technology and Yili Chuanning.
Diversification Opportunities for Imeik Technology and Yili Chuanning
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Imeik and Yili is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Imeik Technology Development and Yili Chuanning Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yili Chuanning Biote and Imeik Technology 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 Imeik Technology Development are associated (or correlated) with Yili Chuanning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yili Chuanning Biote has no effect on the direction of Imeik Technology i.e., Imeik Technology and Yili Chuanning go up and down completely randomly.
Pair Corralation between Imeik Technology and Yili Chuanning
Assuming the 90 days trading horizon Imeik Technology Development is expected to under-perform the Yili Chuanning. In addition to that, Imeik Technology is 1.18 times more volatile than Yili Chuanning Biotechnology. It trades about -0.12 of its total potential returns per unit of risk. Yili Chuanning Biotechnology is currently generating about -0.06 per unit of volatility. If you would invest 1,345 in Yili Chuanning Biotechnology on October 23, 2024 and sell it today you would lose (133.00) from holding Yili Chuanning Biotechnology or give up 9.89% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 98.44% |
Values | Daily Returns |
Imeik Technology Development vs. Yili Chuanning Biotechnology
Performance |
Timeline |
Imeik Technology Dev |
Yili Chuanning Biote |
Imeik Technology and Yili Chuanning Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Imeik Technology and Yili Chuanning
The main advantage of trading using opposite Imeik Technology and Yili Chuanning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imeik Technology position performs unexpectedly, Yili Chuanning 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 Yili Chuanning will offset losses from the drop in Yili Chuanning's long position.Imeik Technology vs. Shanghai Yanpu Metal | Imeik Technology vs. Tibet Huayu Mining | Imeik Technology vs. Huaxia Fund Management | Imeik Technology vs. Anhui Deli Household |
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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 Stocks Directory module to find actively traded stocks across global markets.
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