Correlation Between Hengkang Medical and Hangzhou Coco
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By analyzing existing cross correlation between Hengkang Medical Group and Hangzhou Coco Healthcare, you can compare the effects of market volatilities on Hengkang Medical and Hangzhou Coco 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 Hangzhou Coco. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Hangzhou Coco.
Diversification Opportunities for Hengkang Medical and Hangzhou Coco
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hengkang and Hangzhou is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group and Hangzhou Coco Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Coco Healthcare 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 Hangzhou Coco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Coco Healthcare has no effect on the direction of Hengkang Medical i.e., Hengkang Medical and Hangzhou Coco go up and down completely randomly.
Pair Corralation between Hengkang Medical and Hangzhou Coco
Assuming the 90 days trading horizon Hengkang Medical is expected to generate 1.79 times less return on investment than Hangzhou Coco. In addition to that, Hengkang Medical is 1.43 times more volatile than Hangzhou Coco Healthcare. It trades about 0.14 of its total potential returns per unit of risk. Hangzhou Coco Healthcare is currently generating about 0.35 per unit of volatility. If you would invest 1,051 in Hangzhou Coco Healthcare on December 3, 2024 and sell it today you would earn a total of 169.00 from holding Hangzhou Coco Healthcare or generate 16.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengkang Medical Group vs. Hangzhou Coco Healthcare
Performance |
| Timeline |
| Hengkang Medical |
| Hangzhou Coco Healthcare |
Hengkang Medical and Hangzhou Coco Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Hangzhou Coco
The main advantage of trading using opposite Hengkang Medical and Hangzhou Coco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical position performs unexpectedly, Hangzhou Coco 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 Hangzhou Coco will offset losses from the drop in Hangzhou Coco's long position.| Hengkang Medical vs. Jiangsu Phoenix Publishing | Hengkang Medical vs. Shenzhen Centralcon Investment | Hengkang Medical vs. Xiamen Insight Investment | Hengkang Medical vs. Nuode Investment Co |
| Hangzhou Coco vs. Guosheng Financial Holding | Hangzhou Coco vs. Lecron Energy Saving | Hangzhou Coco vs. Nancal Energy Saving Tech | Hangzhou Coco vs. Panda Financial Holding |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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