Correlation Between Andon Health and Hunan Tyen
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By analyzing existing cross correlation between Andon Health Co and Hunan Tyen Machinery, you can compare the effects of market volatilities on Andon Health and Hunan Tyen 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 Hunan Tyen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and Hunan Tyen.
Diversification Opportunities for Andon Health and Hunan Tyen
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Andon and Hunan is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and Hunan Tyen Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Tyen Machinery 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 Hunan Tyen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Tyen Machinery has no effect on the direction of Andon Health i.e., Andon Health and Hunan Tyen go up and down completely randomly.
Pair Corralation between Andon Health and Hunan Tyen
Assuming the 90 days trading horizon Andon Health Co is expected to generate 0.29 times more return on investment than Hunan Tyen. However, Andon Health Co is 3.49 times less risky than Hunan Tyen. It trades about -0.13 of its potential returns per unit of risk. Hunan Tyen Machinery is currently generating about -0.05 per unit of risk. If you would invest 4,359 in Andon Health Co on September 26, 2024 and sell it today you would lose (131.00) from holding Andon Health Co or give up 3.01% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Andon Health Co vs. Hunan Tyen Machinery
Performance |
Timeline |
Andon Health |
Hunan Tyen Machinery |
Andon Health and Hunan Tyen Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Andon Health and Hunan Tyen
The main advantage of trading using opposite Andon Health and Hunan Tyen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health position performs unexpectedly, Hunan Tyen 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 Hunan Tyen will offset losses from the drop in Hunan Tyen's long position.Andon Health vs. New China Life | Andon Health vs. Ming Yang Smart | Andon Health vs. 159681 | Andon Health vs. 159005 |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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