Correlation Between Jiaozuo Wanfang and By Health
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By analyzing existing cross correlation between Jiaozuo Wanfang Aluminum and By health, you can compare the effects of market volatilities on Jiaozuo Wanfang and By 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 Jiaozuo Wanfang with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiaozuo Wanfang and By Health.
Diversification Opportunities for Jiaozuo Wanfang and By Health
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiaozuo and 300146 is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Jiaozuo Wanfang Aluminum and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Jiaozuo Wanfang 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 Jiaozuo Wanfang Aluminum are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Jiaozuo Wanfang i.e., Jiaozuo Wanfang and By Health go up and down completely randomly.
Pair Corralation between Jiaozuo Wanfang and By Health
Assuming the 90 days trading horizon Jiaozuo Wanfang Aluminum is expected to generate 1.19 times more return on investment than By Health. However, Jiaozuo Wanfang is 1.19 times more volatile than By health. It trades about 0.04 of its potential returns per unit of risk. By health is currently generating about -0.04 per unit of risk. If you would invest 498.00 in Jiaozuo Wanfang Aluminum on September 12, 2024 and sell it today you would earn a total of 182.00 from holding Jiaozuo Wanfang Aluminum or generate 36.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiaozuo Wanfang Aluminum vs. By health
Performance |
| Timeline |
| Jiaozuo Wanfang Aluminum |
| By health |
Jiaozuo Wanfang and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiaozuo Wanfang and By Health
The main advantage of trading using opposite Jiaozuo Wanfang and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiaozuo Wanfang position performs unexpectedly, By 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 By Health will offset losses from the drop in By Health's long position.| Jiaozuo Wanfang vs. Zijin Mining Group | Jiaozuo Wanfang vs. Wanhua Chemical Group | Jiaozuo Wanfang vs. Baoshan Iron Steel | Jiaozuo Wanfang vs. Rongsheng Petrochemical Co |
| By Health vs. China Petroleum Chemical | By Health vs. PetroChina Co Ltd | By Health vs. China State Construction | By Health vs. China Railway Group |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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