Correlation Between Dezhan HealthCare and Hubei Yingtong
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By analyzing existing cross correlation between Dezhan HealthCare Co and Hubei Yingtong Telecommunication, you can compare the effects of market volatilities on Dezhan HealthCare and Hubei Yingtong 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 Hubei Yingtong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and Hubei Yingtong.
Diversification Opportunities for Dezhan HealthCare and Hubei Yingtong
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Dezhan and Hubei is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and Hubei Yingtong Telecommunicati in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Yingtong Telec 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 Hubei Yingtong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Yingtong Telec has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and Hubei Yingtong go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and Hubei Yingtong
Assuming the 90 days trading horizon Dezhan HealthCare Co is expected to under-perform the Hubei Yingtong. But the stock apears to be less risky and, when comparing its historical volatility, Dezhan HealthCare Co is 1.44 times less risky than Hubei Yingtong. The stock trades about 0.0 of its potential returns per unit of risk. The Hubei Yingtong Telecommunication is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,083 in Hubei Yingtong Telecommunication on October 16, 2024 and sell it today you would lose (25.00) from holding Hubei Yingtong Telecommunication or give up 2.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dezhan HealthCare Co vs. Hubei Yingtong Telecommunicati
Performance |
| Timeline |
| Dezhan HealthCare |
| Hubei Yingtong Telec |
Dezhan HealthCare and Hubei Yingtong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and Hubei Yingtong
The main advantage of trading using opposite Dezhan HealthCare and Hubei Yingtong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, Hubei Yingtong 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 Hubei Yingtong will offset losses from the drop in Hubei Yingtong's long position.| Dezhan HealthCare vs. Guangzhou Haige Communications | Dezhan HealthCare vs. Guangzhou Seagull Kitchen | Dezhan HealthCare vs. Silkroad Visual Technology | Dezhan HealthCare vs. Road Environment Technology |
| Hubei Yingtong vs. Chengdu B ray Media | Hubei Yingtong vs. Omnijoi Media Corp | Hubei Yingtong vs. Kingsignal Technology Co | Hubei Yingtong vs. Guangzhou Jinyi Media |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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