Correlation Between Hongrun Construction and Youngy Health
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By analyzing existing cross correlation between Hongrun Construction Group and Youngy Health Co, you can compare the effects of market volatilities on Hongrun Construction and Youngy 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 Hongrun Construction with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hongrun Construction and Youngy Health.
Diversification Opportunities for Hongrun Construction and Youngy Health
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Hongrun and Youngy is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Hongrun Construction Group and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and Hongrun Construction 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 Hongrun Construction Group are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Hongrun Construction i.e., Hongrun Construction and Youngy Health go up and down completely randomly.
Pair Corralation between Hongrun Construction and Youngy Health
Assuming the 90 days trading horizon Hongrun Construction Group is expected to generate 0.78 times more return on investment than Youngy Health. However, Hongrun Construction Group is 1.28 times less risky than Youngy Health. It trades about 0.01 of its potential returns per unit of risk. Youngy Health Co is currently generating about 0.0 per unit of risk. If you would invest 522.00 in Hongrun Construction Group on October 13, 2024 and sell it today you would earn a total of 2.00 from holding Hongrun Construction Group or generate 0.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hongrun Construction Group vs. Youngy Health Co
Performance |
| Timeline |
| Hongrun Construction |
| Youngy Health |
Hongrun Construction and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hongrun Construction and Youngy Health
The main advantage of trading using opposite Hongrun Construction and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hongrun Construction position performs unexpectedly, Youngy 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| Hongrun Construction vs. Tonghua Grape Wine | Hongrun Construction vs. Gansu Huangtai Wine marketing | Hongrun Construction vs. Anhui Tongguan Copper | Hongrun Construction vs. Beijing Shunxin Agriculture |
| Youngy Health vs. Shenzhen Zhongzhuang Construction | Youngy Health vs. Zhonghong Pulin Medical | Youngy Health vs. Eyebright Medical Technology | Youngy Health vs. Hongrun Construction Group |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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