Correlation Between Dezhan HealthCare and MayAir Technology
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By analyzing existing cross correlation between Dezhan HealthCare Co and MayAir Technology Co, you can compare the effects of market volatilities on Dezhan HealthCare and MayAir Technology 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 MayAir Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dezhan HealthCare and MayAir Technology.
Diversification Opportunities for Dezhan HealthCare and MayAir Technology
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Dezhan and MayAir is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Dezhan HealthCare Co and MayAir Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MayAir Technology 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 MayAir Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MayAir Technology has no effect on the direction of Dezhan HealthCare i.e., Dezhan HealthCare and MayAir Technology go up and down completely randomly.
Pair Corralation between Dezhan HealthCare and MayAir Technology
Assuming the 90 days trading horizon Dezhan HealthCare Co is expected to generate 0.86 times more return on investment than MayAir Technology. However, Dezhan HealthCare Co is 1.16 times less risky than MayAir Technology. It trades about 0.1 of its potential returns per unit of risk. MayAir Technology Co is currently generating about -0.07 per unit of risk. If you would invest 301.00 in Dezhan HealthCare Co on September 1, 2024 and sell it today you would earn a total of 18.00 from holding Dezhan HealthCare Co or generate 5.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dezhan HealthCare Co vs. MayAir Technology Co
Performance |
| Timeline |
| Dezhan HealthCare |
| MayAir Technology |
Dezhan HealthCare and MayAir Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dezhan HealthCare and MayAir Technology
The main advantage of trading using opposite Dezhan HealthCare and MayAir Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dezhan HealthCare position performs unexpectedly, MayAir Technology 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 MayAir Technology will offset losses from the drop in MayAir Technology's long position.| Dezhan HealthCare vs. China Petroleum Chemical | Dezhan HealthCare vs. PetroChina Co Ltd | Dezhan HealthCare vs. China State Construction | Dezhan HealthCare vs. China Railway Group |
| MayAir Technology vs. Cultural Investment Holdings | MayAir Technology vs. Gome Telecom Equipment | MayAir Technology vs. Bus Online Co | MayAir Technology vs. Holitech Technology Co |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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