Correlation Between China Securities and By Health
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By analyzing existing cross correlation between China Securities 800 and By health, you can compare the effects of market volatilities on China Securities and By Health 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 China Securities with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and By Health.
Diversification Opportunities for China Securities and By Health
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and 300146 is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and China Securities 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 China Securities 800 are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of China Securities i.e., China Securities and By Health go up and down completely randomly.
Pair Corralation between China Securities and By Health
Assuming the 90 days trading horizon China Securities 800 is expected to generate 0.68 times more return on investment than By Health. However, China Securities 800 is 1.46 times less risky than By Health. It trades about -0.1 of its potential returns per unit of risk. By health is currently generating about -0.15 per unit of risk. If you would invest 427,943 in China Securities 800 on August 28, 2024 and sell it today you would lose (13,470) from holding China Securities 800 or give up 3.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. By health
Performance |
| Timeline |
China Securities and By Health Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
By health
Pair trading matchups for By Health
Pair Trading with China Securities and By Health
The main advantage of trading using opposite China Securities and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| China Securities vs. Shandong Ruifeng Chemical | China Securities vs. Zhongtong Guomai Communication | China Securities vs. Gome Telecom Equipment | China Securities vs. Dymatic Chemicals |
| By Health vs. Winner Medical Co | By Health vs. Cowealth Medical China | By Health vs. Ningbo MedicalSystem Biotechnology | By Health vs. Tsingtao Brewery 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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