Correlation Between PKU HealthCare and Anhui Huilong
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By analyzing existing cross correlation between PKU HealthCare Corp and Anhui Huilong Agricultural, you can compare the effects of market volatilities on PKU HealthCare and Anhui Huilong 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 Anhui Huilong. Check out your portfolio center. Please also check ongoing floating volatility patterns of PKU HealthCare and Anhui Huilong.
Diversification Opportunities for PKU HealthCare and Anhui Huilong
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PKU and Anhui is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding PKU HealthCare Corp and Anhui Huilong Agricultural in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huilong Agricu 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 Anhui Huilong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huilong Agricu has no effect on the direction of PKU HealthCare i.e., PKU HealthCare and Anhui Huilong go up and down completely randomly.
Pair Corralation between PKU HealthCare and Anhui Huilong
Assuming the 90 days trading horizon PKU HealthCare Corp is expected to generate 1.04 times more return on investment than Anhui Huilong. However, PKU HealthCare is 1.04 times more volatile than Anhui Huilong Agricultural. It trades about 0.0 of its potential returns per unit of risk. Anhui Huilong Agricultural is currently generating about -0.03 per unit of risk. If you would invest 747.00 in PKU HealthCare Corp on October 11, 2024 and sell it today you would lose (112.00) from holding PKU HealthCare Corp or give up 14.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
PKU HealthCare Corp vs. Anhui Huilong Agricultural
Performance |
| Timeline |
| PKU HealthCare Corp |
| Anhui Huilong Agricu |
PKU HealthCare and Anhui Huilong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PKU HealthCare and Anhui Huilong
The main advantage of trading using opposite PKU HealthCare and Anhui Huilong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PKU HealthCare position performs unexpectedly, Anhui Huilong 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 Anhui Huilong will offset losses from the drop in Anhui Huilong's long position.| PKU HealthCare vs. Xiandai Investment Co | PKU HealthCare vs. Jointo Energy Investment | PKU HealthCare vs. Kunwu Jiuding Investment | PKU HealthCare vs. Zhejiang Construction Investment |
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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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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