Correlation Between YLZ Information and Yonghui Superstores
Specify exactly 2 symbols:
By analyzing existing cross correlation between YLZ Information Tech and Yonghui Superstores Co, you can compare the effects of market volatilities on YLZ Information and Yonghui Superstores 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 YLZ Information with a short position of Yonghui Superstores. Check out your portfolio center. Please also check ongoing floating volatility patterns of YLZ Information and Yonghui Superstores.
Diversification Opportunities for YLZ Information and Yonghui Superstores
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between YLZ and Yonghui is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding YLZ Information Tech and Yonghui Superstores Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yonghui Superstores and YLZ Information 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 YLZ Information Tech are associated (or correlated) with Yonghui Superstores. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yonghui Superstores has no effect on the direction of YLZ Information i.e., YLZ Information and Yonghui Superstores go up and down completely randomly.
Pair Corralation between YLZ Information and Yonghui Superstores
Assuming the 90 days trading horizon YLZ Information is expected to generate 4.49 times less return on investment than Yonghui Superstores. But when comparing it to its historical volatility, YLZ Information Tech is 2.64 times less risky than Yonghui Superstores. It trades about 0.07 of its potential returns per unit of risk. Yonghui Superstores Co is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 499.00 in Yonghui Superstores Co on September 10, 2024 and sell it today you would earn a total of 63.00 from holding Yonghui Superstores Co or generate 12.63% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
YLZ Information Tech vs. Yonghui Superstores Co
Performance |
Timeline |
YLZ Information Tech |
Yonghui Superstores |
YLZ Information and Yonghui Superstores Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with YLZ Information and Yonghui Superstores
The main advantage of trading using opposite YLZ Information and Yonghui Superstores positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YLZ Information position performs unexpectedly, Yonghui Superstores 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 Yonghui Superstores will offset losses from the drop in Yonghui Superstores' long position.YLZ Information vs. Industrial and Commercial | YLZ Information vs. China Construction Bank | YLZ Information vs. Bank of China | YLZ Information vs. Agricultural Bank of |
Yonghui Superstores vs. Kontour Medical Technology | Yonghui Superstores vs. Shenzhen Glory Medical | Yonghui Superstores vs. Nanjing Medlander Medical | Yonghui Superstores vs. Innovative Medical Management |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Transaction History View history of all your transactions and understand their impact on performance | |
Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data |