Correlation Between PKU HealthCare and Youngy Health
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By analyzing existing cross correlation between PKU HealthCare Corp and Youngy Health Co, you can compare the effects of market volatilities on PKU HealthCare and Youngy 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 PKU HealthCare with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of PKU HealthCare and Youngy Health.
Diversification Opportunities for PKU HealthCare and Youngy Health
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PKU and Youngy is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding PKU HealthCare Corp and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health 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 Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of PKU HealthCare i.e., PKU HealthCare and Youngy Health go up and down completely randomly.
Pair Corralation between PKU HealthCare and Youngy Health
Assuming the 90 days trading horizon PKU HealthCare Corp is expected to under-perform the Youngy Health. But the stock apears to be less risky and, when comparing its historical volatility, PKU HealthCare Corp is 1.15 times less risky than Youngy Health. The stock trades about -0.01 of its potential returns per unit of risk. The Youngy Health Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 390.00 in Youngy Health Co on October 25, 2024 and sell it today you would lose (40.00) from holding Youngy Health Co or give up 10.26% 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. Youngy Health Co
Performance |
| Timeline |
| PKU HealthCare Corp |
| Youngy Health |
PKU HealthCare and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PKU HealthCare and Youngy Health
The main advantage of trading using opposite PKU HealthCare and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PKU HealthCare position performs unexpectedly, Youngy 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| PKU HealthCare vs. Ming Yang Smart | PKU HealthCare vs. 159681 | PKU HealthCare vs. 159005 | PKU HealthCare vs. Loctek Ergonomic Technology |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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