Correlation Between Ye Chiu and Double Medical
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By analyzing existing cross correlation between Ye Chiu Metal and Double Medical Technology, you can compare the effects of market volatilities on Ye Chiu and Double Medical 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 Ye Chiu with a short position of Double Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Double Medical.
Diversification Opportunities for Ye Chiu and Double Medical
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 601388 and Double is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and Double Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Double Medical Technology and Ye Chiu 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 Ye Chiu Metal are associated (or correlated) with Double Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Double Medical Technology has no effect on the direction of Ye Chiu i.e., Ye Chiu and Double Medical go up and down completely randomly.
Pair Corralation between Ye Chiu and Double Medical
Assuming the 90 days trading horizon Ye Chiu Metal is expected to under-perform the Double Medical. In addition to that, Ye Chiu is 2.02 times more volatile than Double Medical Technology. It trades about -0.38 of its total potential returns per unit of risk. Double Medical Technology is currently generating about -0.37 per unit of volatility. If you would invest 3,248 in Double Medical Technology on October 8, 2024 and sell it today you would lose (278.00) from holding Double Medical Technology or give up 8.56% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Ye Chiu Metal vs. Double Medical Technology
Performance |
Timeline |
Ye Chiu Metal |
Double Medical Technology |
Ye Chiu and Double Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ye Chiu and Double Medical
The main advantage of trading using opposite Ye Chiu and Double Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu position performs unexpectedly, Double Medical 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 Double Medical will offset losses from the drop in Double Medical's long position.Ye Chiu vs. Jiangsu Yueda Investment | Ye Chiu vs. JuneYao Dairy Co | Ye Chiu vs. BTG Hotels Group | Ye Chiu vs. HaiXin Foods Co |
Double Medical vs. Jinhe Biotechnology Co | Double Medical vs. Aluminum Corp of | Double Medical vs. XiaMen HongXin Electron tech | Double Medical vs. Zhejiang Yongjin Metal |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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