Correlation Between ATRYS HEALTH and Haier Smart

Can any of the company-specific risk be diversified away by investing in both ATRYS HEALTH and Haier Smart at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining ATRYS HEALTH and Haier Smart into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between ATRYS HEALTH SA and Haier Smart Home, you can compare the effects of market volatilities on ATRYS HEALTH and Haier Smart 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 ATRYS HEALTH with a short position of Haier Smart. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATRYS HEALTH and Haier Smart.

Diversification Opportunities for ATRYS HEALTH and Haier Smart

0.0

Correlation Coefficient

ATRYS HEALTH  Haier Smart

Pay attention - limited upside

The 3 months correlation between ATRYS and Haier is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ATRYS HEALTH SA and Haier Smart Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haier Smart Home and ATRYS 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 ATRYS HEALTH SA are associated (or correlated) with Haier Smart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haier Smart Home has no effect on the direction of ATRYS HEALTH i.e., ATRYS HEALTH and Haier Smart go up and down completely randomly.

Pair Corralation between ATRYS HEALTH and Haier Smart

If you would invest  106.00  in Haier Smart Home on December 2, 2024 and sell it today you would earn a total of  82.00  from holding Haier Smart Home or generate 77.36% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.2%
Values	Daily Returns

ATRYS HEALTH SA  vs.  Haier Smart Home

ATRYS HEALTH SA

Risk-Adjusted Performance

Modest

Over the last 90 days ATRYS HEALTH SA has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, ATRYS HEALTH is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Haier Smart Home

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Haier Smart Home are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively fragile basic indicators, Haier Smart may actually be approaching a critical reversion point that can send shares even higher in April 2025.

Pair Trading with ATRYS HEALTH and Haier Smart

The main advantage of trading using opposite ATRYS HEALTH and Haier Smart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATRYS HEALTH position performs unexpectedly, Haier Smart 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 Haier Smart will offset losses from the drop in Haier Smart's long position.

The idea behind ATRYS HEALTH SA and Haier Smart Home pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.