Correlation Between Inly Media and Yankershop Food
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By analyzing existing cross correlation between Inly Media Co and Yankershop Food Co, you can compare the effects of market volatilities on Inly Media and Yankershop Food 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 Inly Media with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inly Media and Yankershop Food.
Diversification Opportunities for Inly Media and Yankershop Food
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Inly and Yankershop is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Inly Media Co and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food and Inly Media 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 Inly Media Co are associated (or correlated) with Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Inly Media i.e., Inly Media and Yankershop Food go up and down completely randomly.
Pair Corralation between Inly Media and Yankershop Food
Assuming the 90 days trading horizon Inly Media Co is expected to generate 2.48 times more return on investment than Yankershop Food. However, Inly Media is 2.48 times more volatile than Yankershop Food Co. It trades about 0.24 of its potential returns per unit of risk. Yankershop Food Co is currently generating about -0.38 per unit of risk. If you would invest 1,805 in Inly Media Co on November 18, 2024 and sell it today you would earn a total of 350.00 from holding Inly Media Co or generate 19.39% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Inly Media Co vs. Yankershop Food Co
Performance |
Timeline |
Inly Media |
Yankershop Food |
Inly Media and Yankershop Food Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Inly Media and Yankershop Food
The main advantage of trading using opposite Inly Media and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inly Media position performs unexpectedly, Yankershop Food 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.Inly Media vs. Shenzhen Prolto Supply | ||
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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