Correlation Between Dezhan HealthCare and Yunnan Jianzhijia
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By analyzing existing cross correlation between Dezhan HealthCare Co and Yunnan Jianzhijia Health Chain, you can compare the effects of market volatilities on Dezhan HealthCare and Yunnan Jianzhijia 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 Yunnan Jianzhijia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and Yunnan Jianzhijia.
Diversification Opportunities for Dezhan HealthCare and Yunnan Jianzhijia
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Dezhan and Yunnan is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and Yunnan Jianzhijia Health Chain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Jianzhijia 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 Yunnan Jianzhijia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Jianzhijia has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and Yunnan Jianzhijia go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and Yunnan Jianzhijia
Assuming the 90 days trading horizon Dezhan HealthCare Co is expected to generate 1.03 times more return on investment than Yunnan Jianzhijia. However, Dezhan HealthCare is 1.03 times more volatile than Yunnan Jianzhijia Health Chain. It trades about 0.0 of its potential returns per unit of risk. Yunnan Jianzhijia Health Chain is currently generating about -0.04 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 | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dezhan HealthCare Co vs. Yunnan Jianzhijia Health Chain
Performance |
| Timeline |
| Dezhan HealthCare |
| Yunnan Jianzhijia |
Dezhan HealthCare and Yunnan Jianzhijia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and Yunnan Jianzhijia
The main advantage of trading using opposite Dezhan HealthCare and Yunnan Jianzhijia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, Yunnan Jianzhijia 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 Yunnan Jianzhijia will offset losses from the drop in Yunnan Jianzhijia'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 |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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