Correlation Between MayAir Technology and Sichuan Yahua
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By analyzing existing cross correlation between MayAir Technology Co and Sichuan Yahua Industrial, you can compare the effects of market volatilities on MayAir Technology and Sichuan Yahua 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 MayAir Technology with a short position of Sichuan Yahua. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Sichuan Yahua.
Diversification Opportunities for MayAir Technology and Sichuan Yahua
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MayAir and Sichuan is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Sichuan Yahua Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Yahua Industrial and MayAir Technology 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 MayAir Technology Co are associated (or correlated) with Sichuan Yahua. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Yahua Industrial has no effect on the direction of MayAir Technology i.e., MayAir Technology and Sichuan Yahua go up and down completely randomly.
Pair Corralation between MayAir Technology and Sichuan Yahua
Assuming the 90 days trading horizon MayAir Technology Co is expected to under-perform the Sichuan Yahua. But the stock apears to be less risky and, when comparing its historical volatility, MayAir Technology Co is 1.71 times less risky than Sichuan Yahua. The stock trades about -0.16 of its potential returns per unit of risk. The Sichuan Yahua Industrial is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,215 in Sichuan Yahua Industrial on September 24, 2024 and sell it today you would lose (7.00) from holding Sichuan Yahua Industrial or give up 0.58% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 95.45% |
Values | Daily Returns |
MayAir Technology Co vs. Sichuan Yahua Industrial
Performance |
Timeline |
MayAir Technology |
Sichuan Yahua Industrial |
MayAir Technology and Sichuan Yahua Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with MayAir Technology and Sichuan Yahua
The main advantage of trading using opposite MayAir Technology and Sichuan Yahua positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Sichuan Yahua 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 Sichuan Yahua will offset losses from the drop in Sichuan Yahua's long position.MayAir Technology vs. Shenzhen MYS Environmental | MayAir Technology vs. AVIC Fund Management | MayAir Technology vs. Shenzhen Bingchuan Network | MayAir Technology vs. Penghua Shenzhen Energy |
Sichuan Yahua vs. Zijin Mining Group | Sichuan Yahua vs. Wanhua Chemical Group | Sichuan Yahua vs. Baoshan Iron Steel | Sichuan Yahua vs. Shandong Gold Mining |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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