Correlation Between China Reform and Youngy Health
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By analyzing existing cross correlation between China Reform Health and Youngy Health Co, you can compare the effects of market volatilities on China Reform and Youngy 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 China Reform with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Reform and Youngy Health.
Diversification Opportunities for China Reform and Youngy Health
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between China and Youngy is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding China Reform Health and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and China Reform 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 China Reform Health are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of China Reform i.e., China Reform and Youngy Health go up and down completely randomly.
Pair Corralation between China Reform and Youngy Health
Assuming the 90 days trading horizon China Reform Health is expected to under-perform the Youngy Health. In addition to that, China Reform is 1.03 times more volatile than Youngy Health Co. It trades about -0.03 of its total potential returns per unit of risk. Youngy Health Co is currently generating about 0.0 per unit of volatility. If you would invest 407.00 in Youngy Health Co on August 29, 2024 and sell it today you would lose (11.00) from holding Youngy Health Co or give up 2.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Reform Health vs. Youngy Health Co
Performance |
| Timeline |
| China Reform Health |
| Youngy Health |
China Reform and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Reform and Youngy Health
The main advantage of trading using opposite China Reform and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Reform position performs unexpectedly, Youngy 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| China Reform vs. Industrial and Commercial | China Reform vs. China Construction Bank | China Reform vs. Agricultural Bank of | China Reform vs. Bank of China |
| Youngy Health vs. Agricultural Bank of | Youngy Health vs. Industrial and Commercial | Youngy Health vs. Bank of China | Youngy Health vs. China Construction Bank |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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