Correlation Between By Health and Huaibei Mining
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By analyzing existing cross correlation between By health and Huaibei Mining Holdings, you can compare the effects of market volatilities on By Health and Huaibei 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 Huaibei Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Huaibei Mining.
Diversification Opportunities for By Health and Huaibei Mining
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 300146 and Huaibei is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding By health and Huaibei Mining Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaibei Mining Holdings 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 Huaibei Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaibei Mining Holdings has no effect on the direction of By Health i.e., By Health and Huaibei Mining go up and down completely randomly.
Pair Corralation between By Health and Huaibei Mining
Assuming the 90 days trading horizon By health is expected to under-perform the Huaibei Mining. In addition to that, By Health is 1.04 times more volatile than Huaibei Mining Holdings. It trades about -0.22 of its total potential returns per unit of risk. Huaibei Mining Holdings is currently generating about -0.09 per unit of volatility. If you would invest 1,388 in Huaibei Mining Holdings on October 22, 2024 and sell it today you would lose (38.00) from holding Huaibei Mining Holdings or give up 2.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Huaibei Mining Holdings
Performance |
| Timeline |
| By health |
| Huaibei Mining Holdings |
By Health and Huaibei Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Huaibei Mining
The main advantage of trading using opposite By Health and Huaibei Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health position performs unexpectedly, Huaibei 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 Huaibei Mining will offset losses from the drop in Huaibei 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 |
| Huaibei Mining vs. Songz Automobile Air | Huaibei Mining vs. China National Software | Huaibei Mining vs. Guangzhou Automobile Group | Huaibei Mining vs. Anhui Jianghuai Automobile |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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