Correlation Between Jiangsu Phoenix and Humanwell Healthcare
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Humanwell Healthcare Group, you can compare the effects of market volatilities on Jiangsu Phoenix and Humanwell 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 Jiangsu Phoenix with a short position of Humanwell Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Humanwell Healthcare.
Diversification Opportunities for Jiangsu Phoenix and Humanwell Healthcare
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and Humanwell is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Humanwell Healthcare Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Humanwell Healthcare and Jiangsu Phoenix 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 Jiangsu Phoenix Publishing are associated (or correlated) with Humanwell Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Humanwell Healthcare has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Humanwell Healthcare go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Humanwell Healthcare
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 0.91 times more return on investment than Humanwell Healthcare. However, Jiangsu Phoenix Publishing is 1.1 times less risky than Humanwell Healthcare. It trades about 0.18 of its potential returns per unit of risk. Humanwell Healthcare Group is currently generating about 0.16 per unit of risk. If you would invest 1,032 in Jiangsu Phoenix Publishing on September 25, 2024 and sell it today you would earn a total of 70.00 from holding Jiangsu Phoenix Publishing or generate 6.78% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Humanwell Healthcare Group
Performance |
Timeline |
Jiangsu Phoenix Publ |
Humanwell Healthcare |
Jiangsu Phoenix and Humanwell Healthcare Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangsu Phoenix and Humanwell Healthcare
The main advantage of trading using opposite Jiangsu Phoenix and Humanwell Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Humanwell 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 Humanwell Healthcare will offset losses from the drop in Humanwell Healthcare's long position.Jiangsu Phoenix vs. PetroChina Co Ltd | Jiangsu Phoenix vs. China Mobile Limited | Jiangsu Phoenix vs. CNOOC Limited | Jiangsu Phoenix vs. Ping An Insurance |
Humanwell Healthcare vs. Jiangsu Phoenix Publishing | Humanwell Healthcare vs. China Publishing Media | Humanwell Healthcare vs. China Construction Bank | Humanwell Healthcare vs. Xiamen Bank Co |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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