Correlation Between By Health and Ciwen Media
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By analyzing existing cross correlation between By health and Ciwen Media Co, you can compare the effects of market volatilities on By Health and Ciwen Media 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 By Health with a short position of Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Ciwen Media.
Diversification Opportunities for By Health and Ciwen Media
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 300146 and Ciwen is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding By health and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media and By 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 By health are associated (or correlated) with Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of By Health i.e., By Health and Ciwen Media go up and down completely randomly.
Pair Corralation between By Health and Ciwen Media
Assuming the 90 days trading horizon By Health is expected to generate 35.98 times less return on investment than Ciwen Media. But when comparing it to its historical volatility, By health is 1.67 times less risky than Ciwen Media. It trades about 0.01 of its potential returns per unit of risk. Ciwen Media Co is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 635.00 in Ciwen Media Co on September 4, 2024 and sell it today you would earn a total of 127.00 from holding Ciwen Media Co or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Ciwen Media Co
Performance |
| Timeline |
| By health |
| Ciwen Media |
By Health and Ciwen Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Ciwen Media
The main advantage of trading using opposite By Health and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health position performs unexpectedly, Ciwen Media 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.| By Health vs. Biwin Storage Technology | By Health vs. PetroChina Co Ltd | By Health vs. Industrial and Commercial | By Health vs. China Construction Bank |
| Ciwen Media vs. Hoshine Silicon Ind | Ciwen Media vs. Iat Automobile Technology | Ciwen Media vs. China Construction Bank | Ciwen Media vs. Guangzhou KingTeller 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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