Correlation Between YOOMA WELLNESS and SUN ART

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both YOOMA WELLNESS and SUN ART at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining YOOMA WELLNESS and SUN ART into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between YOOMA WELLNESS INC and SUN ART RETAIL, you can compare the effects of market volatilities on YOOMA WELLNESS and SUN ART 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 YOOMA WELLNESS with a short position of SUN ART. Check out your portfolio center. Please also check ongoing floating volatility patterns of YOOMA WELLNESS and SUN ART.

Diversification Opportunities for YOOMA WELLNESS and SUN ART

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between YOOMA and SUN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding YOOMA WELLNESS INC and SUN ART RETAIL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUN ART RETAIL and YOOMA WELLNESS 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 YOOMA WELLNESS INC are associated (or correlated) with SUN ART. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUN ART RETAIL has no effect on the direction of YOOMA WELLNESS i.e., YOOMA WELLNESS and SUN ART go up and down completely randomly.

Pair Corralation between YOOMA WELLNESS and SUN ART

If you would invest  10.00  in SUN ART RETAIL on October 11, 2024 and sell it today you would earn a total of  12.00  from holding SUN ART RETAIL or generate 120.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.8%
ValuesDaily Returns

YOOMA WELLNESS INC  vs.  SUN ART RETAIL

 Performance 
       Timeline  
YOOMA WELLNESS INC 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days YOOMA WELLNESS INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, YOOMA WELLNESS is not utilizing all of its potentials. The newest stock price disturbance, may contribute to mid-run losses for the stockholders.
SUN ART RETAIL 

Risk-Adjusted Performance

11 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in SUN ART RETAIL are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. In spite of rather uncertain forward indicators, SUN ART exhibited solid returns over the last few months and may actually be approaching a breakup point.

YOOMA WELLNESS and SUN ART Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with YOOMA WELLNESS and SUN ART

The main advantage of trading using opposite YOOMA WELLNESS and SUN ART positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YOOMA WELLNESS position performs unexpectedly, SUN ART 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 SUN ART will offset losses from the drop in SUN ART's long position.
The idea behind YOOMA WELLNESS INC and SUN ART RETAIL pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.

Other Complementary Tools

Portfolio Center
All portfolio management and optimization tools to improve performance of your portfolios
Alpha Finder
Use alpha and beta coefficients to find investment opportunities after accounting for the risk
Premium Stories
Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope
Fundamentals Comparison
Compare fundamentals across multiple equities to find investing opportunities
My Watchlist Analysis
Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like