Correlation Between Humanwell Healthcare and Chengdu B
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By analyzing existing cross correlation between Humanwell Healthcare Group and Chengdu B ray Media, you can compare the effects of market volatilities on Humanwell Healthcare and Chengdu B 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 Humanwell Healthcare with a short position of Chengdu B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humanwell Healthcare and Chengdu B.
Diversification Opportunities for Humanwell Healthcare and Chengdu B
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Humanwell and Chengdu is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Humanwell Healthcare Group and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray and Humanwell Healthcare 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 Humanwell Healthcare Group are associated (or correlated) with Chengdu B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of Humanwell Healthcare i.e., Humanwell Healthcare and Chengdu B go up and down completely randomly.
Pair Corralation between Humanwell Healthcare and Chengdu B
Assuming the 90 days trading horizon Humanwell Healthcare is expected to generate 8.39 times less return on investment than Chengdu B. But when comparing it to its historical volatility, Humanwell Healthcare Group is 1.91 times less risky than Chengdu B. It trades about 0.0 of its potential returns per unit of risk. Chengdu B ray Media is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 487.00 in Chengdu B ray Media on October 5, 2024 and sell it today you would lose (20.00) from holding Chengdu B ray Media or give up 4.11% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Humanwell Healthcare Group vs. Chengdu B ray Media
Performance |
Timeline |
Humanwell Healthcare |
Chengdu B ray |
Humanwell Healthcare and Chengdu B Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Humanwell Healthcare and Chengdu B
The main advantage of trading using opposite Humanwell Healthcare and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humanwell Healthcare position performs unexpectedly, Chengdu B 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 Chengdu B will offset losses from the drop in Chengdu B's long position.Humanwell Healthcare vs. Hefei Metalforming Mach | ||
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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