Correlation Between Shenyang Huitian and By Health
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By analyzing existing cross correlation between Shenyang Huitian Thermal and By health, you can compare the effects of market volatilities on Shenyang Huitian 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 Shenyang Huitian with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and By Health.
Diversification Opportunities for Shenyang Huitian and By Health
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenyang and 300146 is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Shenyang Huitian 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 Shenyang Huitian Thermal 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 Shenyang Huitian i.e., Shenyang Huitian and By Health go up and down completely randomly.
Pair Corralation between Shenyang Huitian and By Health
Assuming the 90 days trading horizon Shenyang Huitian is expected to generate 1.05 times less return on investment than By Health. In addition to that, Shenyang Huitian is 1.25 times more volatile than By health. It trades about 0.08 of its total potential returns per unit of risk. By health is currently generating about 0.11 per unit of volatility. If you would invest 1,125 in By health on November 28, 2024 and sell it today you would earn a total of 24.00 from holding By health or generate 2.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 94.12% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. By health
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| By health |
Shenyang Huitian and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and By Health
The main advantage of trading using opposite Shenyang Huitian and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian 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.| Shenyang Huitian vs. Tieling Newcity Investment | Shenyang Huitian vs. Tibet Huayu Mining | Shenyang Huitian vs. Jiangsu Yueda Investment | Shenyang Huitian vs. Hengli Industrial Development |
| By Health vs. Bus Online Co | By Health vs. Rongcheer Industrial Technology | By Health vs. Shenzhen Zqgame | By Health vs. Sichuan Yahua Industrial |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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