Correlation Between Yunhong CTI and Sony
Can any of the company-specific risk be diversified away by investing in both Yunhong CTI and Sony 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 Sony into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yunhong CTI and Sony Group, you can compare the effects of market volatilities on Yunhong CTI and Sony 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 Sony. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunhong CTI and Sony.
Diversification Opportunities for Yunhong CTI and Sony
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yunhong and Sony is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yunhong CTI and Sony Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sony Group 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 Sony. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sony Group has no effect on the direction of Yunhong CTI i.e., Yunhong CTI and Sony go up and down completely randomly.
Pair Corralation between Yunhong CTI and Sony
If you would invest 82.00 in Yunhong CTI on February 12, 2024 and sell it today you would earn a total of 161.00 from holding Yunhong CTI or generate 196.34% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Yunhong CTI vs. Sony Group
Performance |
Timeline |
Yunhong CTI |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sony Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Yunhong CTI and Sony Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yunhong CTI and Sony
The main advantage of trading using opposite Yunhong CTI and Sony positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunhong CTI position performs unexpectedly, Sony 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 Sony will offset losses from the drop in Sony'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 |
Sony vs. Diageo PLC ADR | Sony vs. Monster Beverage Corp | Sony vs. The Coca Cola | Sony vs. Willamette Valley Vineyards |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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