Correlation Between Sunny Loan and Zhejiang Yayi
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By analyzing existing cross correlation between Sunny Loan Top and Zhejiang Yayi Metal, you can compare the effects of market volatilities on Sunny Loan and Zhejiang Yayi 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 Sunny Loan with a short position of Zhejiang Yayi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and Zhejiang Yayi.
Diversification Opportunities for Sunny Loan and Zhejiang Yayi
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sunny and Zhejiang is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top and Zhejiang Yayi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Yayi Metal and Sunny Loan 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 Sunny Loan Top are associated (or correlated) with Zhejiang Yayi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Yayi Metal has no effect on the direction of Sunny Loan i.e., Sunny Loan and Zhejiang Yayi go up and down completely randomly.
Pair Corralation between Sunny Loan and Zhejiang Yayi
Assuming the 90 days trading horizon Sunny Loan Top is expected to under-perform the Zhejiang Yayi. In addition to that, Sunny Loan is 1.09 times more volatile than Zhejiang Yayi Metal. It trades about -0.19 of its total potential returns per unit of risk. Zhejiang Yayi Metal is currently generating about 0.0 per unit of volatility. If you would invest 2,482 in Zhejiang Yayi Metal on December 10, 2024 and sell it today you would lose (12.00) from holding Zhejiang Yayi Metal or give up 0.48% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Sunny Loan Top vs. Zhejiang Yayi Metal
Performance |
Timeline |
Sunny Loan Top |
Zhejiang Yayi Metal |
Sunny Loan and Zhejiang Yayi Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sunny Loan and Zhejiang Yayi
The main advantage of trading using opposite Sunny Loan and Zhejiang Yayi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan position performs unexpectedly, Zhejiang Yayi 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 Zhejiang Yayi will offset losses from the drop in Zhejiang Yayi's long position.Sunny Loan vs. Ye Chiu Metal | Sunny Loan vs. Jinyu Bio Technology Co | Sunny Loan vs. Tianshan Aluminum Group | Sunny Loan vs. Tongling Nonferrous Metals |
Zhejiang Yayi vs. Pengxin International Mining | Zhejiang Yayi vs. Jiangsu Jinling Sports | Zhejiang Yayi vs. Zijin Mining Group | Zhejiang Yayi vs. Shenzhen Topway Video |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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