Correlation Between PKU HealthCare and Shandong
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By analyzing existing cross correlation between PKU HealthCare Corp and Shandong Hi Speed RoadBridge, you can compare the effects of market volatilities on PKU HealthCare and Shandong 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 PKU HealthCare with a short position of Shandong. Check out your portfolio center. Please also check ongoing floating volatility patterns of PKU HealthCare and Shandong.
Diversification Opportunities for PKU HealthCare and Shandong
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PKU and Shandong is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding PKU HealthCare Corp and Shandong Hi Speed RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Hi Speed and PKU HealthCare 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 PKU HealthCare Corp are associated (or correlated) with Shandong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Hi Speed has no effect on the direction of PKU HealthCare i.e., PKU HealthCare and Shandong go up and down completely randomly.
Pair Corralation between PKU HealthCare and Shandong
Assuming the 90 days trading horizon PKU HealthCare Corp is expected to generate 1.34 times more return on investment than Shandong. However, PKU HealthCare is 1.34 times more volatile than Shandong Hi Speed RoadBridge. It trades about -0.01 of its potential returns per unit of risk. Shandong Hi Speed RoadBridge is currently generating about -0.02 per unit of risk. If you would invest 759.00 in PKU HealthCare Corp on October 29, 2024 and sell it today you would lose (174.00) from holding PKU HealthCare Corp or give up 22.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PKU HealthCare Corp vs. Shandong Hi Speed RoadBridge
Performance |
| Timeline |
| PKU HealthCare Corp |
| Shandong Hi Speed |
PKU HealthCare and Shandong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PKU HealthCare and Shandong
The main advantage of trading using opposite PKU HealthCare and Shandong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PKU HealthCare position performs unexpectedly, Shandong 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 Shandong will offset losses from the drop in Shandong's long position.| PKU HealthCare vs. Shanghai V Test Semiconductor | PKU HealthCare vs. Yuanjie Semiconductor Technology | PKU HealthCare vs. Wuhan Hvsen Biotechnology | PKU HealthCare vs. Hubei Tech Semiconductors |
| Shandong vs. Tinavi Medical Technologies | Shandong vs. StarPower Semiconductor | Shandong vs. Kontour Medical Technology | Shandong vs. CareRay Digital Medical |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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