Correlation Between By Health and Shanghai Yaoji
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By analyzing existing cross correlation between By health and Shanghai Yaoji Playing, you can compare the effects of market volatilities on By Health and Shanghai Yaoji 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 Shanghai Yaoji. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Shanghai Yaoji.
Diversification Opportunities for By Health and Shanghai Yaoji
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 300146 and Shanghai is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding By health and Shanghai Yaoji Playing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yaoji Playing 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 Shanghai Yaoji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yaoji Playing has no effect on the direction of By Health i.e., By Health and Shanghai Yaoji go up and down completely randomly.
Pair Corralation between By Health and Shanghai Yaoji
Assuming the 90 days trading horizon By health is expected to under-perform the Shanghai Yaoji. But the stock apears to be less risky and, when comparing its historical volatility, By health is 1.57 times less risky than Shanghai Yaoji. The stock trades about -0.13 of its potential returns per unit of risk. The Shanghai Yaoji Playing is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 2,532 in Shanghai Yaoji Playing on August 30, 2024 and sell it today you would earn a total of 767.00 from holding Shanghai Yaoji Playing or generate 30.29% 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. Shanghai Yaoji Playing
Performance |
| Timeline |
| By health |
| Shanghai Yaoji Playing |
By Health and Shanghai Yaoji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Shanghai Yaoji
The main advantage of trading using opposite By Health and Shanghai Yaoji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health position performs unexpectedly, Shanghai Yaoji 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 Shanghai Yaoji will offset losses from the drop in Shanghai Yaoji's long position.| By Health vs. Nanjing Putian Telecommunications | By Health vs. Shenzhen Hifuture Electric | By Health vs. Tianjin Realty Development | By Health vs. Shenyang Huitian Thermal |
| Shanghai Yaoji vs. Cambricon Technologies Corp | Shanghai Yaoji vs. Loongson Technology Corp | Shanghai Yaoji vs. Shenzhen Fortune Trend | Shanghai Yaoji vs. Chongqing Road Bridge |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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