Correlation Between Shenzhen Clou and Andon Health
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By analyzing existing cross correlation between Shenzhen Clou Electronics and Andon Health Co, you can compare the effects of market volatilities on Shenzhen Clou and Andon Health 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 Shenzhen Clou with a short position of Andon Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Clou and Andon Health.
Diversification Opportunities for Shenzhen Clou and Andon Health
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and Andon is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Clou Electronics and Andon Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Andon Health and Shenzhen Clou 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 Shenzhen Clou Electronics are associated (or correlated) with Andon Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Andon Health has no effect on the direction of Shenzhen Clou i.e., Shenzhen Clou and Andon Health go up and down completely randomly.
Pair Corralation between Shenzhen Clou and Andon Health
Assuming the 90 days trading horizon Shenzhen Clou Electronics is expected to under-perform the Andon Health. In addition to that, Shenzhen Clou is 1.23 times more volatile than Andon Health Co. It trades about -0.02 of its total potential returns per unit of risk. Andon Health Co is currently generating about 0.03 per unit of volatility. If you would invest 3,678 in Andon Health Co on October 8, 2024 and sell it today you would earn a total of 374.00 from holding Andon Health Co or generate 10.17% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Shenzhen Clou Electronics vs. Andon Health Co
Performance |
Timeline |
Shenzhen Clou Electronics |
Andon Health |
Shenzhen Clou and Andon Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shenzhen Clou and Andon Health
The main advantage of trading using opposite Shenzhen Clou and Andon Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Clou position performs unexpectedly, Andon Health 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 Andon Health will offset losses from the drop in Andon Health's long position.Shenzhen Clou vs. China Petroleum Chemical | Shenzhen Clou vs. PetroChina Co Ltd | Shenzhen Clou vs. China State Construction | Shenzhen Clou vs. China Railway Group |
Andon Health vs. Xiangyang Automobile Bearing | Andon Health vs. Nuode Investment Co | Andon Health vs. Nanjing Putian Telecommunications | Andon Health vs. Zoje Resources Investment |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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