Correlation Between Cabelas and YY
Can any of the company-specific risk be diversified away by investing in both Cabelas and YY 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 Cabelas and YY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cabelas and YY Inc Class, you can compare the effects of market volatilities on Cabelas and YY 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 Cabelas with a short position of YY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cabelas and YY.
Diversification Opportunities for Cabelas and YY
Pay attention - limited upside
The 12 months correlation between Cabelas and YY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cabelas and YY Inc Class in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YY Inc Class and Cabelas 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 Cabelas are associated (or correlated) with YY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YY Inc Class has no effect on the direction of Cabelas i.e., Cabelas and YY go up and down completely randomly.
Pair Corralation between Cabelas and YY
If you would invest 3,042 in YY Inc Class on December 29, 2023 and sell it today you would lose (17.00) from holding YY Inc Class or give up 0.56% of portfolio value over 90 days.
Time Period | 12 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Cabelas vs. YY Inc Class
Performance |
Timeline |
Cabelas |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
YY Inc Class |
Cabelas and YY Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cabelas and YY
The main advantage of trading using opposite Cabelas and YY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cabelas position performs unexpectedly, YY 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 YY will offset losses from the drop in YY's long position.Cabelas vs. Weyco Group | Cabelas vs. Solstad Offshore ASA | Cabelas vs. Edgewell Personal Care | Cabelas vs. Inter Parfums |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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