Correlation Between Youngy Health and HanS Laser
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By analyzing existing cross correlation between Youngy Health Co and HanS Laser Tech, you can compare the effects of market volatilities on Youngy Health and HanS Laser 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 Youngy Health with a short position of HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and HanS Laser.
Diversification Opportunities for Youngy Health and HanS Laser
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Youngy and HanS is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech and Youngy 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 Youngy Health Co are associated (or correlated) with HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Youngy Health i.e., Youngy Health and HanS Laser go up and down completely randomly.
Pair Corralation between Youngy Health and HanS Laser
Assuming the 90 days trading horizon Youngy Health Co is expected to under-perform the HanS Laser. In addition to that, Youngy Health is 1.5 times more volatile than HanS Laser Tech. It trades about -0.39 of its total potential returns per unit of risk. HanS Laser Tech is currently generating about -0.23 per unit of volatility. If you would invest 2,710 in HanS Laser Tech on October 12, 2024 and sell it today you would lose (274.00) from holding HanS Laser Tech or give up 10.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. HanS Laser Tech
Performance |
| Timeline |
| Youngy Health |
| HanS Laser Tech |
Youngy Health and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and HanS Laser
The main advantage of trading using opposite Youngy Health and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Youngy Health vs. Suzhou Weizhixiang Food | Youngy Health vs. V V Food | Youngy Health vs. Sanbo Hospital Management | Youngy Health vs. Shanghai Rongtai Health |
| HanS Laser vs. Dezhan HealthCare Co | HanS Laser vs. Youngy Health Co | HanS Laser vs. HaiXin Foods Co | HanS Laser vs. Anhui Huaren 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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