Correlation Between JuneYao Dairy and Rising Nonferrous
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By analyzing existing cross correlation between JuneYao Dairy Co and Rising Nonferrous Metals, you can compare the effects of market volatilities on JuneYao Dairy and Rising Nonferrous 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 JuneYao Dairy with a short position of Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Rising Nonferrous.
Diversification Opportunities for JuneYao Dairy and Rising Nonferrous
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JuneYao and Rising is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals and JuneYao Dairy 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 JuneYao Dairy Co are associated (or correlated) with Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and Rising Nonferrous go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Rising Nonferrous
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to generate 1.17 times more return on investment than Rising Nonferrous. However, JuneYao Dairy is 1.17 times more volatile than Rising Nonferrous Metals. It trades about 0.29 of its potential returns per unit of risk. Rising Nonferrous Metals is currently generating about 0.15 per unit of risk. If you would invest 445.00 in JuneYao Dairy Co on September 13, 2024 and sell it today you would earn a total of 375.00 from holding JuneYao Dairy Co or generate 84.27% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 98.28% |
Values | Daily Returns |
JuneYao Dairy Co vs. Rising Nonferrous Metals
Performance |
Timeline |
JuneYao Dairy |
Rising Nonferrous Metals |
JuneYao Dairy and Rising Nonferrous Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JuneYao Dairy and Rising Nonferrous
The main advantage of trading using opposite JuneYao Dairy and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' long position.JuneYao Dairy vs. Everjoy Health Group | ||
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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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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