Correlation Between Hengkang Medical and Nanjing Vishee
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hengkang Medical Group and Nanjing Vishee Medical, you can compare the effects of market volatilities on Hengkang Medical and Nanjing Vishee 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 Nanjing Vishee. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Nanjing Vishee.
Diversification Opportunities for Hengkang Medical and Nanjing Vishee
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hengkang and Nanjing is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group and Nanjing Vishee Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Vishee Medical 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 Nanjing Vishee. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Vishee Medical has no effect on the direction of Hengkang Medical i.e., Hengkang Medical and Nanjing Vishee go up and down completely randomly.
Pair Corralation between Hengkang Medical and Nanjing Vishee
Assuming the 90 days trading horizon Hengkang Medical Group is expected to under-perform the Nanjing Vishee. In addition to that, Hengkang Medical is 1.1 times more volatile than Nanjing Vishee Medical. It trades about -0.09 of its total potential returns per unit of risk. Nanjing Vishee Medical is currently generating about -0.03 per unit of volatility. If you would invest 2,735 in Nanjing Vishee Medical on November 3, 2024 and sell it today you would lose (33.00) from holding Nanjing Vishee Medical or give up 1.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengkang Medical Group vs. Nanjing Vishee Medical
Performance |
| Timeline |
| Hengkang Medical |
| Nanjing Vishee Medical |
Hengkang Medical and Nanjing Vishee Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Nanjing Vishee
The main advantage of trading using opposite Hengkang Medical and Nanjing Vishee positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical position performs unexpectedly, Nanjing Vishee 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 Nanjing Vishee will offset losses from the drop in Nanjing Vishee's long position.| Hengkang Medical vs. East Money Information | Hengkang Medical vs. Tibet Huayu Mining | Hengkang Medical vs. Guangzhou Ruoyuchen Information | Hengkang Medical vs. Wonders Information |
| Nanjing Vishee vs. Industrial and Commercial | Nanjing Vishee vs. China Construction Bank | Nanjing Vishee vs. Agricultural Bank of | Nanjing Vishee vs. Bank of China |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |