Correlation Between Andon Health and HUAQIN TECHNOLOGY
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By analyzing existing cross correlation between Andon Health Co and HUAQIN TECHNOLOGY LTD, you can compare the effects of market volatilities on Andon Health and HUAQIN TECHNOLOGY 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 HUAQIN TECHNOLOGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and HUAQIN TECHNOLOGY.
Diversification Opportunities for Andon Health and HUAQIN TECHNOLOGY
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Andon and HUAQIN is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and HUAQIN TECHNOLOGY LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUAQIN TECHNOLOGY LTD 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 HUAQIN TECHNOLOGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUAQIN TECHNOLOGY LTD has no effect on the direction of Andon Health i.e., Andon Health and HUAQIN TECHNOLOGY go up and down completely randomly.
Pair Corralation between Andon Health and HUAQIN TECHNOLOGY
Assuming the 90 days trading horizon Andon Health Co is expected to under-perform the HUAQIN TECHNOLOGY. But the stock apears to be less risky and, when comparing its historical volatility, Andon Health Co is 1.27 times less risky than HUAQIN TECHNOLOGY. The stock trades about -0.01 of its potential returns per unit of risk. The HUAQIN TECHNOLOGY LTD is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 5,128 in HUAQIN TECHNOLOGY LTD on September 13, 2024 and sell it today you would earn a total of 1,061 from holding HUAQIN TECHNOLOGY LTD or generate 20.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 68.49% |
| Values | Daily Returns |
Andon Health Co vs. HUAQIN TECHNOLOGY LTD
Performance |
| Timeline |
| Andon Health |
| HUAQIN TECHNOLOGY LTD |
Andon Health and HUAQIN TECHNOLOGY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Andon Health and HUAQIN TECHNOLOGY
The main advantage of trading using opposite Andon Health and HUAQIN TECHNOLOGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health position performs unexpectedly, HUAQIN TECHNOLOGY 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 HUAQIN TECHNOLOGY will offset losses from the drop in HUAQIN TECHNOLOGY's long position.| Andon Health vs. Guilin Seamild Foods | Andon Health vs. Longmaster Information Tech | Andon Health vs. Xiamen Jihong Package | Andon Health vs. Guangzhou Ruoyuchen Information |
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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