Correlation Between Jiayin and Advanced Health

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Can any of the company-specific risk be diversified away by investing in both Jiayin and Advanced Health 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 Jiayin and Advanced Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jiayin Group and Advanced Health Intelligence, you can compare the effects of market volatilities on Jiayin and Advanced Health 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 Jiayin with a short position of Advanced Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiayin and Advanced Health.

Diversification Opportunities for Jiayin and Advanced Health

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Jiayin and Advanced Health

If you would invest  398.00  in Advanced Health Intelligence on October 6, 2024 and sell it today you would earn a total of  0.00  from holding Advanced Health Intelligence or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy1.61%
ValuesDaily Returns

Jiayin Group  vs.  Advanced Health Intelligence

 Performance 
       Timeline  
Jiayin Group 

Risk-Adjusted Performance

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Over the last 90 days Jiayin Group has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fragile performance in the last few months, the Stock's forward indicators remain very healthy which may send shares a bit higher in February 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.
Advanced Health Inte 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Advanced Health Intelligence has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong technical indicators, Advanced Health is not utilizing all of its potentials. The current stock price confusion, may contribute to short-horizon losses for the traders.

Jiayin and Advanced Health Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Jiayin and Advanced Health

The main advantage of trading using opposite Jiayin and Advanced Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiayin position performs unexpectedly, Advanced Health 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 Advanced Health will offset losses from the drop in Advanced Health's long position.
The idea behind Jiayin Group and Advanced Health Intelligence 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.
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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