Correlation Between Hengkang Medical and Cofoe Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hengkang Medical Group and Cofoe Medical Technology, you can compare the effects of market volatilities on Hengkang Medical and Cofoe Medical 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 Cofoe Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Cofoe Medical.
Diversification Opportunities for Hengkang Medical and Cofoe Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hengkang and Cofoe is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group and Cofoe Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofoe Medical Technology 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 Cofoe Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofoe Medical Technology has no effect on the direction of Hengkang Medical i.e., Hengkang Medical and Cofoe Medical go up and down completely randomly.
Pair Corralation between Hengkang Medical and Cofoe Medical
Assuming the 90 days trading horizon Hengkang Medical Group is expected to generate 2.25 times more return on investment than Cofoe Medical. However, Hengkang Medical is 2.25 times more volatile than Cofoe Medical Technology. It trades about 0.07 of its potential returns per unit of risk. Cofoe Medical Technology is currently generating about 0.0 per unit of risk. If you would invest 257.00 in Hengkang Medical Group on September 1, 2024 and sell it today you would earn a total of 13.00 from holding Hengkang Medical Group or generate 5.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengkang Medical Group vs. Cofoe Medical Technology
Performance |
| Timeline |
| Hengkang Medical |
| Cofoe Medical Technology |
Hengkang Medical and Cofoe Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Cofoe Medical
The main advantage of trading using opposite Hengkang Medical and Cofoe Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical position performs unexpectedly, Cofoe Medical 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 Cofoe Medical will offset losses from the drop in Cofoe Medical's long position.| Hengkang Medical vs. Xinjiang Baodi Mining | Hengkang Medical vs. Zhejiang Qianjiang Motorcycle | Hengkang Medical vs. Hainan Mining Co | Hengkang Medical vs. Guocheng Mining Co |
| Cofoe Medical vs. Nanjing Putian Telecommunications | Cofoe Medical vs. Shenzhen Hifuture Electric | Cofoe Medical vs. Tianjin Realty Development | Cofoe Medical vs. Shenyang Huitian Thermal |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |