Correlation Between East Money and Humanwell Healthcare
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By analyzing existing cross correlation between East Money Information and Humanwell Healthcare Group, you can compare the effects of market volatilities on East Money and Humanwell Healthcare 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 East Money with a short position of Humanwell Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of East Money and Humanwell Healthcare.
Diversification Opportunities for East Money and Humanwell Healthcare
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between East and Humanwell is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding East Money Information and Humanwell Healthcare Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Humanwell Healthcare and East Money 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 East Money Information are associated (or correlated) with Humanwell Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Humanwell Healthcare has no effect on the direction of East Money i.e., East Money and Humanwell Healthcare go up and down completely randomly.
Pair Corralation between East Money and Humanwell Healthcare
Assuming the 90 days trading horizon East Money Information is expected to under-perform the Humanwell Healthcare. In addition to that, East Money is 1.18 times more volatile than Humanwell Healthcare Group. It trades about -0.14 of its total potential returns per unit of risk. Humanwell Healthcare Group is currently generating about -0.15 per unit of volatility. If you would invest 2,403 in Humanwell Healthcare Group on October 25, 2024 and sell it today you would lose (208.00) from holding Humanwell Healthcare Group or give up 8.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
East Money Information vs. Humanwell Healthcare Group
Performance |
| Timeline |
| East Money Information |
| Humanwell Healthcare |
East Money and Humanwell Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with East Money and Humanwell Healthcare
The main advantage of trading using opposite East Money and Humanwell Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if East Money position performs unexpectedly, Humanwell Healthcare 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 Humanwell Healthcare will offset losses from the drop in Humanwell Healthcare's long position.| East Money vs. Agricultural Bank of | East Money vs. Industrial and Commercial | East Money vs. Bank of China | East Money vs. PetroChina Co Ltd |
| Humanwell Healthcare vs. Ming Yang Smart | Humanwell Healthcare vs. 159681 | Humanwell Healthcare vs. 159005 | Humanwell Healthcare vs. Loctek Ergonomic 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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