Correlation Between By Health and Contec Medical
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By analyzing existing cross correlation between By health and Contec Medical Systems, you can compare the effects of market volatilities on By Health and Contec 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 By Health with a short position of Contec Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Contec Medical.
Diversification Opportunities for By Health and Contec Medical
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 300146 and Contec is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding By health and Contec Medical Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contec Medical Systems 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 Contec Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contec Medical Systems has no effect on the direction of By Health i.e., By Health and Contec Medical go up and down completely randomly.
Pair Corralation between By Health and Contec Medical
Assuming the 90 days trading horizon By health is expected to generate 0.84 times more return on investment than Contec Medical. However, By health is 1.2 times less risky than Contec Medical. It trades about -0.11 of its potential returns per unit of risk. Contec Medical Systems is currently generating about -0.14 per unit of risk. If you would invest 1,306 in By health on August 29, 2024 and sell it today you would lose (71.00) from holding By health or give up 5.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Contec Medical Systems
Performance |
| Timeline |
| By health |
| Contec Medical Systems |
By Health and Contec Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Contec Medical
The main advantage of trading using opposite By Health and Contec Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health position performs unexpectedly, Contec 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 Contec Medical will offset losses from the drop in Contec Medical's long position.| By Health vs. Winner Medical Co | By Health vs. Cowealth Medical China | By Health vs. Ningbo MedicalSystem Biotechnology | By Health vs. Tsingtao Brewery Co |
| Contec Medical vs. Bank of China | Contec Medical vs. Kweichow Moutai Co | Contec Medical vs. PetroChina Co Ltd | Contec Medical vs. Bank of Communications |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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