Correlation Between Andon Health and Ciwen Media
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By analyzing existing cross correlation between Andon Health Co and Ciwen Media Co, you can compare the effects of market volatilities on Andon Health and Ciwen Media 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 Andon Health with a short position of Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and Ciwen Media.
Diversification Opportunities for Andon Health and Ciwen Media
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Andon and Ciwen is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media and Andon Health 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 Andon Health Co are associated (or correlated) with Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of Andon Health i.e., Andon Health and Ciwen Media go up and down completely randomly.
Pair Corralation between Andon Health and Ciwen Media
Assuming the 90 days trading horizon Andon Health is expected to generate 16.81 times less return on investment than Ciwen Media. But when comparing it to its historical volatility, Andon Health Co is 1.42 times less risky than Ciwen Media. It trades about 0.02 of its potential returns per unit of risk. Ciwen Media Co is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 509.00 in Ciwen Media Co on September 7, 2024 and sell it today you would earn a total of 260.00 from holding Ciwen Media Co or generate 51.08% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Andon Health Co vs. Ciwen Media Co
Performance |
Timeline |
Andon Health |
Ciwen Media |
Andon Health and Ciwen Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Andon Health and Ciwen Media
The main advantage of trading using opposite Andon Health and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health position performs unexpectedly, Ciwen Media 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.Andon Health vs. Dazhong Transportation Group | Andon Health vs. Eastern Air Logistics | Andon Health vs. Tianshui Huatian Technology | Andon Health vs. Saurer Intelligent Technology |
Ciwen Media vs. Sichuan Fulin Transportation | Ciwen Media vs. Jiangsu Phoenix Publishing | Ciwen Media vs. Shanghai Action Education | Ciwen Media vs. Fujian Longzhou Transportation |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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