Correlation Between Andon Health and Wintao Communications
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By analyzing existing cross correlation between Andon Health Co and Wintao Communications Co, you can compare the effects of market volatilities on Andon Health and Wintao Communications 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 Wintao Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and Wintao Communications.
Diversification Opportunities for Andon Health and Wintao Communications
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Andon and Wintao is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and Wintao Communications Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wintao Communications 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 Wintao Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wintao Communications has no effect on the direction of Andon Health i.e., Andon Health and Wintao Communications go up and down completely randomly.
Pair Corralation between Andon Health and Wintao Communications
Assuming the 90 days trading horizon Andon Health Co is expected to under-perform the Wintao Communications. But the stock apears to be less risky and, when comparing its historical volatility, Andon Health Co is 1.81 times less risky than Wintao Communications. The stock trades about -0.01 of its potential returns per unit of risk. The Wintao Communications Co is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 2,681 in Wintao Communications Co on October 11, 2024 and sell it today you would lose (614.00) from holding Wintao Communications Co or give up 22.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Andon Health Co vs. Wintao Communications Co
Performance |
| Timeline |
| Andon Health |
| Wintao Communications |
Andon Health and Wintao Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Andon Health and Wintao Communications
The main advantage of trading using opposite Andon Health and Wintao Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health position performs unexpectedly, Wintao Communications 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 Wintao Communications will offset losses from the drop in Wintao Communications' long position.| Andon Health vs. GRINM Semiconductor Materials | Andon Health vs. Puya Semiconductor Shanghai | Andon Health vs. Suzhou Oriental Semiconductor | Andon Health vs. Ningxia Younglight Chemicals |
| Wintao Communications vs. Humanwell Healthcare Group | Wintao Communications vs. Andon Health Co | Wintao Communications vs. Mingchen Health Co | Wintao Communications vs. Chison Medical Technologies |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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