Correlation Between Yunhong CTI and Core Molding
Can any of the company-specific risk be diversified away by investing in both Yunhong CTI and Core Molding 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 Yunhong CTI and Core Molding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yunhong CTI and Core Molding Technologies, you can compare the effects of market volatilities on Yunhong CTI and Core Molding 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 Yunhong CTI with a short position of Core Molding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunhong CTI and Core Molding.
Diversification Opportunities for Yunhong CTI and Core Molding
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Yunhong and Core is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Yunhong CTI and Core Molding Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Core Molding Technologies and Yunhong CTI 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 Yunhong CTI are associated (or correlated) with Core Molding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Core Molding Technologies has no effect on the direction of Yunhong CTI i.e., Yunhong CTI and Core Molding go up and down completely randomly.
Pair Corralation between Yunhong CTI and Core Molding
If you would invest 1,838 in Core Molding Technologies on January 26, 2024 and sell it today you would earn a total of 81.00 from holding Core Molding Technologies or generate 4.41% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 4.76% |
Values | Daily Returns |
Yunhong CTI vs. Core Molding Technologies
Performance |
Timeline |
Yunhong CTI |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Core Molding Technologies |
Yunhong CTI and Core Molding Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yunhong CTI and Core Molding
The main advantage of trading using opposite Yunhong CTI and Core Molding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunhong CTI position performs unexpectedly, Core Molding 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 Core Molding will offset losses from the drop in Core Molding's long position.Yunhong CTI vs. Card Factory plc | Yunhong CTI vs. School Specialty | Yunhong CTI vs. Ceconomy AG ADR | Yunhong CTI vs. Bowlin Travel Centers |
Core Molding vs. Innospec | Core Molding vs. H B Fuller | Core Molding vs. Quaker Chemical | Core Molding vs. Minerals Technologies |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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