Correlation Between Dezhan HealthCare and Everjoy Health
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By analyzing existing cross correlation between Dezhan HealthCare Co and Everjoy Health Group, you can compare the effects of market volatilities on Dezhan HealthCare and Everjoy 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 Dezhan HealthCare with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and Everjoy Health.
Diversification Opportunities for Dezhan HealthCare and Everjoy Health
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Dezhan and Everjoy is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group 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 Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and Everjoy Health go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and Everjoy Health
Assuming the 90 days trading horizon Dezhan HealthCare Co is expected to generate 0.96 times more return on investment than Everjoy Health. However, Dezhan HealthCare Co is 1.04 times less risky than Everjoy Health. It trades about 0.0 of its potential returns per unit of risk. Everjoy Health Group is currently generating about -0.01 per unit of risk. If you would invest 373.00 in Dezhan HealthCare Co on September 2, 2024 and sell it today you would lose (54.00) from holding Dezhan HealthCare Co or give up 14.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dezhan HealthCare Co vs. Everjoy Health Group
Performance |
| Timeline |
| Dezhan HealthCare |
| Everjoy Health Group |
Dezhan HealthCare and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and Everjoy Health
The main advantage of trading using opposite Dezhan HealthCare and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, Everjoy 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| Dezhan HealthCare vs. Harbin Air Conditioning | Dezhan HealthCare vs. Air China Ltd | Dezhan HealthCare vs. Longmaster Information Tech | Dezhan HealthCare vs. Hangzhou Gisway Information |
| Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. China Construction Bank | Everjoy Health vs. Bank of China |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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