Correlation Between Overstockcom and Yunji
Can any of the company-specific risk be diversified away by investing in both Overstockcom and Yunji 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 Overstockcom and Yunji into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Overstockcom and Yunji Inc, you can compare the effects of market volatilities on Overstockcom and Yunji 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 Overstockcom with a short position of Yunji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Overstockcom and Yunji.
Diversification Opportunities for Overstockcom and Yunji
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Overstockcom and Yunji is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Overstockcom and Yunji Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunji Inc and Overstockcom 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 Overstockcom are associated (or correlated) with Yunji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunji Inc has no effect on the direction of Overstockcom i.e., Overstockcom and Yunji go up and down completely randomly.
Pair Corralation between Overstockcom and Yunji
If you would invest 159.00 in Yunji Inc on December 29, 2024 and sell it today you would earn a total of 11.00 from holding Yunji Inc or generate 6.92% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Overstockcom vs. Yunji Inc
Performance |
Timeline |
Overstockcom |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Yunji Inc |
Overstockcom and Yunji Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Overstockcom and Yunji
The main advantage of trading using opposite Overstockcom and Yunji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Overstockcom position performs unexpectedly, Yunji 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 Yunji will offset losses from the drop in Yunji's long position.Overstockcom vs. Etsy Inc | Overstockcom vs. Chewy Inc | Overstockcom vs. PDD Holdings | Overstockcom vs. Sea |
Yunji vs. Hour Loop | Yunji vs. Oriental Culture Holding | Yunji vs. Jeffs Brands | Yunji vs. D MARKET Electronic Services |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |