Correlation Between Hengkang Medical and Everjoy Health
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By analyzing existing cross correlation between Hengkang Medical Group and Everjoy Health Group, you can compare the effects of market volatilities on Hengkang Medical and Everjoy 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 Hengkang Medical with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Everjoy Health.
Diversification Opportunities for Hengkang Medical and Everjoy Health
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hengkang and Everjoy is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group 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 Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Hengkang Medical i.e., Hengkang Medical and Everjoy Health go up and down completely randomly.
Pair Corralation between Hengkang Medical and Everjoy Health
Assuming the 90 days trading horizon Hengkang Medical is expected to generate 1.98 times less return on investment than Everjoy Health. In addition to that, Hengkang Medical is 1.55 times more volatile than Everjoy Health Group. It trades about 0.14 of its total potential returns per unit of risk. Everjoy Health Group is currently generating about 0.42 per unit of volatility. If you would invest 338.00 in Everjoy Health Group on December 2, 2024 and sell it today you would earn a total of 61.00 from holding Everjoy Health Group or generate 18.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengkang Medical Group vs. Everjoy Health Group
Performance |
| Timeline |
| Hengkang Medical |
| Everjoy Health Group |
Hengkang Medical and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Everjoy Health
The main advantage of trading using opposite Hengkang Medical and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical position performs unexpectedly, Everjoy 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| Hengkang Medical vs. Jiangsu Jinling Sports | Hengkang Medical vs. Jinhe Biotechnology Co | Hengkang Medical vs. Shuhua Sports Co | Hengkang Medical vs. Sichuan Hebang Biotechnology |
| Everjoy Health vs. Hang Xiao Steel | Everjoy Health vs. Guolin Environmental Tech | Everjoy Health vs. Fangda Special Steel | Everjoy Health vs. Hangzhou Guotai Environmental |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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