Correlation Between Hengkang Medical and Ningbo Tech
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hengkang Medical Group and Ningbo Tech Bank Co, you can compare the effects of market volatilities on Hengkang Medical and Ningbo Tech 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 Hengkang Medical with a short position of Ningbo Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Ningbo Tech.
Diversification Opportunities for Hengkang Medical and Ningbo Tech
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hengkang and Ningbo is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group and Ningbo Tech Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Tech Bank and Hengkang Medical 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 Hengkang Medical Group are associated (or correlated) with Ningbo Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Tech Bank has no effect on the direction of Hengkang Medical i.e., Hengkang Medical and Ningbo Tech go up and down completely randomly.
Pair Corralation between Hengkang Medical and Ningbo Tech
Assuming the 90 days trading horizon Hengkang Medical Group is expected to generate 1.59 times more return on investment than Ningbo Tech. However, Hengkang Medical is 1.59 times more volatile than Ningbo Tech Bank Co. It trades about 0.09 of its potential returns per unit of risk. Ningbo Tech Bank Co is currently generating about 0.06 per unit of risk. If you would invest 180.00 in Hengkang Medical Group on October 18, 2024 and sell it today you would earn a total of 72.00 from holding Hengkang Medical Group or generate 40.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengkang Medical Group vs. Ningbo Tech Bank Co
Performance |
| Timeline |
| Hengkang Medical |
| Ningbo Tech Bank |
Hengkang Medical and Ningbo Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Ningbo Tech
The main advantage of trading using opposite Hengkang Medical and Ningbo Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical position performs unexpectedly, Ningbo Tech 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 Ningbo Tech will offset losses from the drop in Ningbo Tech's long position.| Hengkang Medical vs. Jiahe Foods Industry | Hengkang Medical vs. Penyao Environmental Protection | Hengkang Medical vs. Juneyao Airlines | Hengkang Medical vs. Anji Foodstuff Co |
| Ningbo Tech vs. Zhongzhu Medical Holdings | Ningbo Tech vs. Ningbo Homelink Eco iTech | Ningbo Tech vs. Double Medical Technology | Ningbo Tech vs. Hengkang Medical 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |