Correlation Between INKON Life and Hengkang Medical
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By analyzing existing cross correlation between INKON Life Technology and Hengkang Medical Group, you can compare the effects of market volatilities on INKON Life and Hengkang Medical 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 INKON Life with a short position of Hengkang Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of INKON Life and Hengkang Medical.
Diversification Opportunities for INKON Life and Hengkang Medical
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between INKON and Hengkang is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding INKON Life Technology and Hengkang Medical Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hengkang Medical and INKON Life 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 INKON Life Technology are associated (or correlated) with Hengkang Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hengkang Medical has no effect on the direction of INKON Life i.e., INKON Life and Hengkang Medical go up and down completely randomly.
Pair Corralation between INKON Life and Hengkang Medical
Assuming the 90 days trading horizon INKON Life Technology is expected to under-perform the Hengkang Medical. But the stock apears to be less risky and, when comparing its historical volatility, INKON Life Technology is 2.16 times less risky than Hengkang Medical. The stock trades about -0.11 of its potential returns per unit of risk. The Hengkang Medical Group is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 262.00 in Hengkang Medical Group on September 27, 2024 and sell it today you would earn a total of 38.00 from holding Hengkang Medical Group or generate 14.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
INKON Life Technology vs. Hengkang Medical Group
Performance |
| Timeline |
| INKON Life Technology |
| Hengkang Medical |
INKON Life and Hengkang Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INKON Life and Hengkang Medical
The main advantage of trading using opposite INKON Life and Hengkang Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INKON Life position performs unexpectedly, Hengkang Medical 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 Hengkang Medical will offset losses from the drop in Hengkang Medical's long position.| INKON Life vs. Cultural Investment Holdings | INKON Life vs. Gome Telecom Equipment | INKON Life vs. Bus Online Co | INKON Life vs. Holitech Technology Co |
| Hengkang Medical vs. INKON Life Technology | Hengkang Medical vs. Shandong Sanyuan Biotechnology | Hengkang Medical vs. Kangping Technology Co | Hengkang Medical vs. Holitech Technology Co |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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