Correlation Between Andon Health and Taiji Computer
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By analyzing existing cross correlation between Andon Health Co and Taiji Computer Corp, you can compare the effects of market volatilities on Andon Health and Taiji Computer 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 Taiji Computer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and Taiji Computer.
Diversification Opportunities for Andon Health and Taiji Computer
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Andon and Taiji is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and Taiji Computer Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Taiji Computer 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 Taiji Computer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Taiji Computer Corp has no effect on the direction of Andon Health i.e., Andon Health and Taiji Computer go up and down completely randomly.
Pair Corralation between Andon Health and Taiji Computer
Assuming the 90 days trading horizon Andon Health Co is expected to generate 0.49 times more return on investment than Taiji Computer. However, Andon Health Co is 2.04 times less risky than Taiji Computer. It trades about -0.18 of its potential returns per unit of risk. Taiji Computer Corp is currently generating about -0.15 per unit of risk. If you would invest 4,359 in Andon Health Co on September 25, 2024 and sell it today you would lose (174.00) from holding Andon Health Co or give up 3.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Andon Health Co vs. Taiji Computer Corp
Performance |
| Timeline |
| Andon Health |
| Taiji Computer Corp |
Andon Health and Taiji Computer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Andon Health and Taiji Computer
The main advantage of trading using opposite Andon Health and Taiji Computer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health position performs unexpectedly, Taiji Computer 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 Taiji Computer will offset losses from the drop in Taiji Computer's long position.| Andon Health vs. New China Life | Andon Health vs. Ming Yang Smart | Andon Health vs. 159681 | Andon Health vs. 159005 |
| Taiji Computer vs. Kweichow Moutai Co | Taiji Computer vs. Shenzhen Mindray Bio Medical | Taiji Computer vs. Jiangsu Pacific Quartz | Taiji Computer vs. G bits Network Technology |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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