Correlation Between Jiangsu Zhongtian and Youngy Health
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By analyzing existing cross correlation between Jiangsu Zhongtian Technology and Youngy Health Co, you can compare the effects of market volatilities on Jiangsu Zhongtian and Youngy Health 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 Jiangsu Zhongtian with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Zhongtian and Youngy Health.
Diversification Opportunities for Jiangsu Zhongtian and Youngy Health
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Youngy is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Zhongtian Technology and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and Jiangsu Zhongtian 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 Jiangsu Zhongtian Technology are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Jiangsu Zhongtian i.e., Jiangsu Zhongtian and Youngy Health go up and down completely randomly.
Pair Corralation between Jiangsu Zhongtian and Youngy Health
Assuming the 90 days trading horizon Jiangsu Zhongtian is expected to generate 3.57 times less return on investment than Youngy Health. But when comparing it to its historical volatility, Jiangsu Zhongtian Technology is 1.67 times less risky than Youngy Health. It trades about 0.11 of its potential returns per unit of risk. Youngy Health Co is currently generating about 0.24 of returns per unit of risk over similar time horizon. 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 | Strong |
Accuracy | 98.28% |
Values | Daily Returns |
Jiangsu Zhongtian Technology vs. Youngy Health Co
Performance |
Timeline |
Jiangsu Zhongtian |
Youngy Health |
Jiangsu Zhongtian and Youngy Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangsu Zhongtian and Youngy Health
The main advantage of trading using opposite Jiangsu Zhongtian and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Zhongtian position performs unexpectedly, Youngy Health 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 Youngy Health will offset losses from the drop in Youngy Health's long position.Jiangsu Zhongtian vs. Industrial and Commercial | Jiangsu Zhongtian vs. China Construction Bank | Jiangsu Zhongtian vs. Bank of China | Jiangsu Zhongtian vs. Postal Savings Bank |
Youngy Health vs. Biwin Storage Technology | Youngy Health vs. PetroChina Co Ltd | Youngy Health vs. Industrial and Commercial | Youngy Health vs. China Construction Bank |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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