Correlation Between By Health and Shandong Mining
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By analyzing existing cross correlation between By health and Shandong Mining Machinery, you can compare the effects of market volatilities on By Health and Shandong Mining 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 Shandong Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Shandong Mining.
Diversification Opportunities for By Health and Shandong Mining
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between 300146 and Shandong is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding By health and Shandong Mining Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Mining Machinery 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 Shandong Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Mining Machinery has no effect on the direction of By Health i.e., By Health and Shandong Mining go up and down completely randomly.
Pair Corralation between By Health and Shandong Mining
Assuming the 90 days trading horizon By health is expected to under-perform the Shandong Mining. But the stock apears to be less risky and, when comparing its historical volatility, By health is 1.7 times less risky than Shandong Mining. The stock trades about -0.05 of its potential returns per unit of risk. The Shandong Mining Machinery is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 251.00 in Shandong Mining Machinery on October 22, 2024 and sell it today you would earn a total of 137.00 from holding Shandong Mining Machinery or generate 54.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Shandong Mining Machinery
Performance |
| Timeline |
| By health |
| Shandong Mining Machinery |
By Health and Shandong Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Shandong Mining
The main advantage of trading using opposite By Health and Shandong Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health position performs unexpectedly, Shandong Mining 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 Shandong Mining will offset losses from the drop in Shandong Mining's long position.| By Health vs. Wuhan Yangtze Communication | By Health vs. Longjian Road Bridge | By Health vs. Jilin Jlu Communication | By Health vs. Sichuan Fulin Transportation |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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