Correlation Between Dezhan HealthCare and Haima Automobile
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By analyzing existing cross correlation between Dezhan HealthCare Co and Haima Automobile Group, you can compare the effects of market volatilities on Dezhan HealthCare and Haima Automobile 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 Dezhan HealthCare with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and Haima Automobile.
Diversification Opportunities for Dezhan HealthCare and Haima Automobile
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Dezhan and Haima is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Dezhan 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 Dezhan HealthCare Co are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and Haima Automobile go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and Haima Automobile
Assuming the 90 days trading horizon Dezhan HealthCare is expected to generate 1.01 times less return on investment than Haima Automobile. But when comparing it to its historical volatility, Dezhan HealthCare Co is 1.2 times less risky than Haima Automobile. It trades about 0.0 of its potential returns per unit of risk. Haima Automobile Group is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 510.00 in Haima Automobile Group on October 30, 2024 and sell it today you would lose (116.00) from holding Haima Automobile Group or give up 22.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dezhan HealthCare Co vs. Haima Automobile Group
Performance |
| Timeline |
| Dezhan HealthCare |
| Haima Automobile |
Dezhan HealthCare and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and Haima Automobile
The main advantage of trading using opposite Dezhan HealthCare and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Dezhan HealthCare vs. Kontour Medical Technology | Dezhan HealthCare vs. Road Environment Technology | Dezhan HealthCare vs. Hengkang Medical Group | Dezhan HealthCare vs. Silkroad Visual Technology |
| Haima Automobile vs. Hengli Industrial Development | Haima Automobile vs. Pengxin International Mining | Haima Automobile vs. China National Software | Haima Automobile vs. Suzhou Industrial Park |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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