Correlation Between Henan Shuanghui and Cofoe Medical
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By analyzing existing cross correlation between Henan Shuanghui Investment and Cofoe Medical Technology, you can compare the effects of market volatilities on Henan Shuanghui and Cofoe Medical 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 Henan Shuanghui with a short position of Cofoe Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henan Shuanghui and Cofoe Medical.
Diversification Opportunities for Henan Shuanghui and Cofoe Medical
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Henan and Cofoe is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Henan Shuanghui Investment and Cofoe Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofoe Medical Technology and Henan Shuanghui 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 Henan Shuanghui Investment are associated (or correlated) with Cofoe Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofoe Medical Technology has no effect on the direction of Henan Shuanghui i.e., Henan Shuanghui and Cofoe Medical go up and down completely randomly.
Pair Corralation between Henan Shuanghui and Cofoe Medical
Assuming the 90 days trading horizon Henan Shuanghui Investment is expected to generate 0.52 times more return on investment than Cofoe Medical. However, Henan Shuanghui Investment is 1.93 times less risky than Cofoe Medical. It trades about 0.03 of its potential returns per unit of risk. Cofoe Medical Technology is currently generating about 0.01 per unit of risk. If you would invest 2,281 in Henan Shuanghui Investment on November 27, 2024 and sell it today you would earn a total of 354.00 from holding Henan Shuanghui Investment or generate 15.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Henan Shuanghui Investment vs. Cofoe Medical Technology
Performance |
| Timeline |
| Henan Shuanghui Inve |
| Cofoe Medical Technology |
Henan Shuanghui and Cofoe Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henan Shuanghui and Cofoe Medical
The main advantage of trading using opposite Henan Shuanghui and Cofoe Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henan Shuanghui position performs unexpectedly, Cofoe Medical 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 Cofoe Medical will offset losses from the drop in Cofoe Medical's long position.| Henan Shuanghui vs. Beijing Jiaman Dress | Henan Shuanghui vs. Xian International Medical | Henan Shuanghui vs. Shuhua Sports Co | Henan Shuanghui vs. Double Medical Technology |
| Cofoe Medical vs. Industrial and Commercial | Cofoe Medical vs. Agricultural Bank of | Cofoe Medical vs. China Construction Bank | Cofoe Medical 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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