Correlation Between YanGuFang International and Park Hotels
Can any of the company-specific risk be diversified away by investing in both YanGuFang International and Park Hotels 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 YanGuFang International and Park Hotels into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between YanGuFang International Group and Park Hotels Resorts, you can compare the effects of market volatilities on YanGuFang International and Park Hotels 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 YanGuFang International with a short position of Park Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of YanGuFang International and Park Hotels.
Diversification Opportunities for YanGuFang International and Park Hotels
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between YanGuFang and Park is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding YanGuFang International Group and Park Hotels Resorts in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Park Hotels Resorts and YanGuFang International 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 YanGuFang International Group are associated (or correlated) with Park Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Park Hotels Resorts has no effect on the direction of YanGuFang International i.e., YanGuFang International and Park Hotels go up and down completely randomly.
Pair Corralation between YanGuFang International and Park Hotels
If you would invest (100.00) in YanGuFang International Group on December 3, 2024 and sell it today you would earn a total of 100.00 from holding YanGuFang International Group or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
YanGuFang International Group vs. Park Hotels Resorts
Performance |
Timeline |
YanGuFang International |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Park Hotels Resorts |
YanGuFang International and Park Hotels Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with YanGuFang International and Park Hotels
The main advantage of trading using opposite YanGuFang International and Park Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YanGuFang International position performs unexpectedly, Park Hotels 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 Park Hotels will offset losses from the drop in Park Hotels' long position.YanGuFang International vs. Singapore Airlines | YanGuFang International vs. Delta Air Lines | YanGuFang International vs. NETGEAR | YanGuFang International vs. Azul SA |
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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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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