Correlation Between Xinjiang Beixin and Healthcare
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and Healthcare Co, you can compare the effects of market volatilities on Xinjiang Beixin and Healthcare 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 Xinjiang Beixin with a short position of Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and Healthcare.
Diversification Opportunities for Xinjiang Beixin and Healthcare
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xinjiang and Healthcare is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and Healthcare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Healthcare and Xinjiang Beixin 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 Xinjiang Beixin RoadBridge are associated (or correlated) with Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Healthcare has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and Healthcare go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and Healthcare
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to generate 1.31 times more return on investment than Healthcare. However, Xinjiang Beixin is 1.31 times more volatile than Healthcare Co. It trades about 0.25 of its potential returns per unit of risk. Healthcare Co is currently generating about 0.1 per unit of risk. If you would invest 394.00 in Xinjiang Beixin RoadBridge on September 25, 2024 and sell it today you would earn a total of 79.00 from holding Xinjiang Beixin RoadBridge or generate 20.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Xinjiang Beixin RoadBridge vs. Healthcare Co
Performance |
Timeline |
Xinjiang Beixin Road |
Healthcare |
Xinjiang Beixin and Healthcare Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xinjiang Beixin and Healthcare
The main advantage of trading using opposite Xinjiang Beixin and Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, Healthcare 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 Healthcare will offset losses from the drop in Healthcare's long position.Xinjiang Beixin vs. Ming Yang Smart | Xinjiang Beixin vs. 159681 | Xinjiang Beixin vs. 159005 | Xinjiang Beixin vs. Loctek Ergonomic Technology |
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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