Correlation Between Changchun High and By Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between Changchun High New and By health, you can compare the effects of market volatilities on Changchun High 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 Changchun High with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changchun High and By Health.
Diversification Opportunities for Changchun High and By Health
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Changchun and 300146 is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Changchun High New and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Changchun High 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 Changchun High New 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 Changchun High i.e., Changchun High and By Health go up and down completely randomly.
Pair Corralation between Changchun High and By Health
Assuming the 90 days trading horizon Changchun High New is expected to generate 1.07 times more return on investment than By Health. However, Changchun High is 1.07 times more volatile than By health. It trades about 0.07 of its potential returns per unit of risk. By health is currently generating about -0.03 per unit of risk. If you would invest 10,438 in Changchun High New on September 1, 2024 and sell it today you would earn a total of 284.00 from holding Changchun High New or generate 2.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changchun High New vs. By health
Performance |
| Timeline |
| Changchun High New |
| By health |
Changchun High and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changchun High and By Health
The main advantage of trading using opposite Changchun High and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changchun High 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.| Changchun High vs. Jiangsu Jinling Sports | Changchun High vs. Shuhua Sports Co | Changchun High vs. Shandong Polymer Biochemicals | Changchun High vs. Shenzhen Glory Medical |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |