Correlation Between Andon Health and Jiangsu Flowers
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By analyzing existing cross correlation between Andon Health Co and Jiangsu Flowers King, you can compare the effects of market volatilities on Andon Health and Jiangsu Flowers 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 Jiangsu Flowers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and Jiangsu Flowers.
Diversification Opportunities for Andon Health and Jiangsu Flowers
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Andon and Jiangsu is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and Jiangsu Flowers King in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Flowers King 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 Jiangsu Flowers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Flowers King has no effect on the direction of Andon Health i.e., Andon Health and Jiangsu Flowers go up and down completely randomly.
Pair Corralation between Andon Health and Jiangsu Flowers
Assuming the 90 days trading horizon Andon Health Co is expected to under-perform the Jiangsu Flowers. But the stock apears to be less risky and, when comparing its historical volatility, Andon Health Co is 4.17 times less risky than Jiangsu Flowers. The stock trades about -0.15 of its potential returns per unit of risk. The Jiangsu Flowers King is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 1,056 in Jiangsu Flowers King on November 3, 2024 and sell it today you would lose (37.00) from holding Jiangsu Flowers King or give up 3.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Andon Health Co vs. Jiangsu Flowers King
Performance |
| Timeline |
| Andon Health |
| Jiangsu Flowers King |
Andon Health and Jiangsu Flowers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Andon Health and Jiangsu Flowers
The main advantage of trading using opposite Andon Health and Jiangsu Flowers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health position performs unexpectedly, Jiangsu Flowers 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 Jiangsu Flowers will offset losses from the drop in Jiangsu Flowers' long position.| Andon Health vs. Southern PublishingMedia Co | Andon Health vs. Heilongjiang Publishing Media | Andon Health vs. Xinhua Winshare Publishing | Andon Health vs. Chinese Universe Publishing |
| Jiangsu Flowers vs. Industrial and Commercial | Jiangsu Flowers vs. Agricultural Bank of | Jiangsu Flowers vs. China Construction Bank | Jiangsu Flowers 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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