Correlation Between By Health and Jiangsu Phoenix
Specify exactly 2 symbols:
By analyzing existing cross correlation between By health and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on By Health and Jiangsu Phoenix 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 Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Jiangsu Phoenix.
Diversification Opportunities for By Health and Jiangsu Phoenix
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 300146 and Jiangsu is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding By health and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ 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 Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of By Health i.e., By Health and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between By Health and Jiangsu Phoenix
Assuming the 90 days trading horizon By health is expected to generate 0.76 times more return on investment than Jiangsu Phoenix. However, By health is 1.32 times less risky than Jiangsu Phoenix. It trades about -0.11 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about -0.12 per unit of risk. If you would invest 1,234 in By health on November 30, 2024 and sell it today you would lose (74.00) from holding By health or give up 6.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| By health |
| Jiangsu Phoenix Publ |
By Health and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Jiangsu Phoenix
The main advantage of trading using opposite By Health and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health position performs unexpectedly, Jiangsu Phoenix 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 Jiangsu Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| By Health vs. Jinhui Liquor Co | By Health vs. Vats Liquor Chain | By Health vs. China Sports Industry | By Health vs. Jiugui Liquor Co |
| Jiangsu Phoenix vs. Impulse Qingdao Health | Jiangsu Phoenix vs. Aier Eye Hospital | Jiangsu Phoenix vs. Healthcare Co | Jiangsu Phoenix vs. Shandong Sinoglory Health |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |