Correlation Between Andon Health and Hunan TV
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By analyzing existing cross correlation between Andon Health Co and Hunan TV Broadcast, you can compare the effects of market volatilities on Andon Health and Hunan TV 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 Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and Hunan TV.
Diversification Opportunities for Andon Health and Hunan TV
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Andon and Hunan is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast 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 Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Andon Health i.e., Andon Health and Hunan TV go up and down completely randomly.
Pair Corralation between Andon Health and Hunan TV
Assuming the 90 days trading horizon Andon Health is expected to generate 434.67 times less return on investment than Hunan TV. But when comparing it to its historical volatility, Andon Health Co is 1.54 times less risky than Hunan TV. It trades about 0.0 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 521.00 in Hunan TV Broadcast on September 26, 2024 and sell it today you would earn a total of 234.00 from holding Hunan TV Broadcast or generate 44.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Andon Health Co vs. Hunan TV Broadcast
Performance |
| Timeline |
| Andon Health |
| Hunan TV Broadcast |
Andon Health and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Andon Health and Hunan TV
The main advantage of trading using opposite Andon Health and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Andon Health vs. New China Life | Andon Health vs. Ming Yang Smart | Andon Health vs. 159681 | Andon Health vs. 159005 |
| Hunan TV vs. Jiangxi JDL Environmental | Hunan TV vs. Andon Health Co | Hunan TV vs. De Rucci Healthy | Hunan TV vs. Hangzhou Guotai Environmental |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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