Correlation Between Andon Health and PKU HealthCare
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By analyzing existing cross correlation between Andon Health Co and PKU HealthCare Corp, you can compare the effects of market volatilities on Andon Health and PKU HealthCare 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 Andon Health with a short position of PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and PKU HealthCare.
Diversification Opportunities for Andon Health and PKU HealthCare
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Andon and PKU is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and PKU HealthCare Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKU HealthCare Corp and Andon Health 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 Andon Health Co are associated (or correlated) with PKU HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKU HealthCare Corp has no effect on the direction of Andon Health i.e., Andon Health and PKU HealthCare go up and down completely randomly.
Pair Corralation between Andon Health and PKU HealthCare
Assuming the 90 days trading horizon Andon Health Co is expected to generate 0.95 times more return on investment than PKU HealthCare. However, Andon Health Co is 1.05 times less risky than PKU HealthCare. It trades about 0.03 of its potential returns per unit of risk. PKU HealthCare Corp is currently generating about 0.01 per unit of risk. If you would invest 3,760 in Andon Health Co on September 2, 2024 and sell it today you would earn a total of 566.00 from holding Andon Health Co or generate 15.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Andon Health Co vs. PKU HealthCare Corp
Performance |
| Timeline |
| Andon Health |
| PKU HealthCare Corp |
Andon Health and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Andon Health and PKU HealthCare
The main advantage of trading using opposite Andon Health and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health position performs unexpectedly, PKU HealthCare 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 PKU HealthCare will offset losses from the drop in PKU HealthCare's long position.| Andon Health vs. Guizhou Chanhen Chemical | Andon Health vs. Qinghaihuading Industrial Co | Andon Health vs. Shenyang Chemical Industry | Andon Health vs. Do Fluoride Chemicals Co |
| PKU HealthCare vs. China Eastern Airlines | PKU HealthCare vs. Shenzhen Centralcon Investment | PKU HealthCare vs. Hunan Investment Group | PKU HealthCare vs. Guangdong Brandmax Marketing |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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