Correlation Between Hengkang Medical and Hangzhou EZVIZ
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By analyzing existing cross correlation between Hengkang Medical Group and Hangzhou EZVIZ Network, you can compare the effects of market volatilities on Hengkang Medical and Hangzhou EZVIZ 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 EZVIZ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Hangzhou EZVIZ.
Diversification Opportunities for Hengkang Medical and Hangzhou EZVIZ
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hengkang and Hangzhou is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group and Hangzhou EZVIZ Network in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou EZVIZ Network 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 EZVIZ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou EZVIZ Network has no effect on the direction of Hengkang Medical i.e., Hengkang Medical and Hangzhou EZVIZ go up and down completely randomly.
Pair Corralation between Hengkang Medical and Hangzhou EZVIZ
Assuming the 90 days trading horizon Hengkang Medical Group is expected to generate 1.26 times more return on investment than Hangzhou EZVIZ. However, Hengkang Medical is 1.26 times more volatile than Hangzhou EZVIZ Network. It trades about 0.12 of its potential returns per unit of risk. Hangzhou EZVIZ Network is currently generating about -0.02 per unit of risk. If you would invest 186.00 in Hengkang Medical Group on September 27, 2024 and sell it today you would earn a total of 114.00 from holding Hengkang Medical Group or generate 61.29% 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. Hangzhou EZVIZ Network
Performance |
| Timeline |
| Hengkang Medical |
| Hangzhou EZVIZ Network |
Hengkang Medical and Hangzhou EZVIZ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Hangzhou EZVIZ
The main advantage of trading using opposite Hengkang Medical and Hangzhou EZVIZ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical position performs unexpectedly, Hangzhou EZVIZ 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 EZVIZ will offset losses from the drop in Hangzhou EZVIZ's long position.| Hengkang Medical vs. INKON Life Technology | Hengkang Medical vs. Shandong Sanyuan Biotechnology | Hengkang Medical vs. Kangping Technology Co | Hengkang Medical vs. Holitech Technology Co |
| Hangzhou EZVIZ vs. Hubeiyichang Transportation Group | Hangzhou EZVIZ vs. Hengli Petrochemical Co | Hangzhou EZVIZ vs. Sichuan Fulin Transportation | Hangzhou EZVIZ vs. RoadMain T Co |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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