Correlation Between Zhejiang Yongjin and Zhejiang Yueling
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By analyzing existing cross correlation between Zhejiang Yongjin Metal and Zhejiang Yueling Co, you can compare the effects of market volatilities on Zhejiang Yongjin and Zhejiang Yueling 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 Zhejiang Yongjin with a short position of Zhejiang Yueling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yongjin and Zhejiang Yueling.
Diversification Opportunities for Zhejiang Yongjin and Zhejiang Yueling
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zhejiang and Zhejiang is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yongjin Metal and Zhejiang Yueling Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Yueling and Zhejiang Yongjin 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 Zhejiang Yongjin Metal are associated (or correlated) with Zhejiang Yueling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Yueling has no effect on the direction of Zhejiang Yongjin i.e., Zhejiang Yongjin and Zhejiang Yueling go up and down completely randomly.
Pair Corralation between Zhejiang Yongjin and Zhejiang Yueling
Assuming the 90 days trading horizon Zhejiang Yongjin Metal is expected to under-perform the Zhejiang Yueling. But the stock apears to be less risky and, when comparing its historical volatility, Zhejiang Yongjin Metal is 2.96 times less risky than Zhejiang Yueling. The stock trades about -0.11 of its potential returns per unit of risk. The Zhejiang Yueling Co is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,442 in Zhejiang Yueling Co on September 12, 2025 and sell it today you would earn a total of 485.00 from holding Zhejiang Yueling Co or generate 33.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.31% |
| Values | Daily Returns |
Zhejiang Yongjin Metal vs. Zhejiang Yueling Co
Performance |
| Timeline |
| Zhejiang Yongjin Metal |
| Zhejiang Yueling |
Zhejiang Yongjin and Zhejiang Yueling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yongjin and Zhejiang Yueling
The main advantage of trading using opposite Zhejiang Yongjin and Zhejiang Yueling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yongjin position performs unexpectedly, Zhejiang Yueling 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 Zhejiang Yueling will offset losses from the drop in Zhejiang Yueling's long position.| Zhejiang Yongjin vs. Huaxia Eye Hospital | Zhejiang Yongjin vs. Keda Clean Energy | Zhejiang Yongjin vs. China Reform Health | Zhejiang Yongjin vs. CICT Mobile Communication |
| Zhejiang Yueling vs. Beijing Yanjing Brewery | Zhejiang Yueling vs. Huatian Hotel Group | Zhejiang Yueling vs. Cofoe Medical Technology | Zhejiang Yueling vs. Chison Medical 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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