Correlation Between Dezhan HealthCare and Chengdu Spaceon
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By analyzing existing cross correlation between Dezhan HealthCare Co and Chengdu Spaceon Electronics, you can compare the effects of market volatilities on Dezhan HealthCare and Chengdu Spaceon 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 Chengdu Spaceon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and Chengdu Spaceon.
Diversification Opportunities for Dezhan HealthCare and Chengdu Spaceon
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Dezhan and Chengdu is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and Chengdu Spaceon Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Spaceon Elec 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 Chengdu Spaceon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Spaceon Elec has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and Chengdu Spaceon go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and Chengdu Spaceon
Assuming the 90 days trading horizon Dezhan HealthCare Co is expected to generate 1.11 times more return on investment than Chengdu Spaceon. However, Dezhan HealthCare is 1.11 times more volatile than Chengdu Spaceon Electronics. It trades about 0.0 of its potential returns per unit of risk. Chengdu Spaceon Electronics is currently generating about 0.0 per unit of risk. If you would invest 371.00 in Dezhan HealthCare Co on November 2, 2024 and sell it today you would lose (71.00) from holding Dezhan HealthCare Co or give up 19.14% 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. Chengdu Spaceon Electronics
Performance |
| Timeline |
| Dezhan HealthCare |
| Chengdu Spaceon Elec |
Dezhan HealthCare and Chengdu Spaceon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and Chengdu Spaceon
The main advantage of trading using opposite Dezhan HealthCare and Chengdu Spaceon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, Chengdu Spaceon 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 Chengdu Spaceon will offset losses from the drop in Chengdu Spaceon's long position.| Dezhan HealthCare vs. Sino Platinum Metals Co | Dezhan HealthCare vs. Ningbo Homelink Eco iTech | Dezhan HealthCare vs. Tianshan Aluminum Group | Dezhan HealthCare vs. Quectel Wireless Solutions |
| Chengdu Spaceon vs. Yingde Greatchem Chemicals | Chengdu Spaceon vs. Do Fluoride Chemicals Co | Chengdu Spaceon vs. Eastroc Beverage Group | Chengdu Spaceon vs. New Hope Dairy |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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