Correlation Between By Health and Shandong Sinoglory
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By analyzing existing cross correlation between By health and Shandong Sinoglory Health, you can compare the effects of market volatilities on By Health and Shandong Sinoglory 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 Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Shandong Sinoglory.
Diversification Opportunities for By Health and Shandong Sinoglory
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 300146 and Shandong is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding By health and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health 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 Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of By Health i.e., By Health and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between By Health and Shandong Sinoglory
Assuming the 90 days trading horizon By health is expected to under-perform the Shandong Sinoglory. But the stock apears to be less risky and, when comparing its historical volatility, By health is 1.13 times less risky than Shandong Sinoglory. The stock trades about -0.03 of its potential returns per unit of risk. The Shandong Sinoglory Health is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,168 in Shandong Sinoglory Health on September 1, 2024 and sell it today you would earn a total of 85.00 from holding Shandong Sinoglory Health or generate 7.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Shandong Sinoglory Health
Performance |
| Timeline |
| By health |
| Shandong Sinoglory Health |
By Health and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Shandong Sinoglory
The main advantage of trading using opposite By Health and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health position performs unexpectedly, Shandong Sinoglory 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 Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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