Correlation Between Youngy Health and Healthcare
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By analyzing existing cross correlation between Youngy Health Co and Healthcare Co, you can compare the effects of market volatilities on Youngy Health and Healthcare 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 Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Healthcare.
Diversification Opportunities for Youngy Health and Healthcare
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Youngy and Healthcare is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Healthcare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Healthcare 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 Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Healthcare has no effect on the direction of Youngy Health i.e., Youngy Health and Healthcare go up and down completely randomly.
Pair Corralation between Youngy Health and Healthcare
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 1.21 times more return on investment than Healthcare. However, Youngy Health is 1.21 times more volatile than Healthcare Co. It trades about 0.01 of its potential returns per unit of risk. Healthcare Co is currently generating about -0.04 per unit of risk. If you would invest 390.00 in Youngy Health Co on October 25, 2024 and sell it today you would lose (40.00) from holding Youngy Health Co or give up 10.26% 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. Healthcare Co
Performance |
| Timeline |
| Youngy Health |
| Healthcare |
Youngy Health and Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Healthcare
The main advantage of trading using opposite Youngy Health and Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Healthcare 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 Healthcare will offset losses from the drop in Healthcare's long position.| Youngy Health vs. Jiahe Foods Industry | Youngy Health vs. Shannon Semiconductor Technology | Youngy Health vs. Eastroc Beverage Group | Youngy Health vs. Guangdong Wens Foodstuff |
| Healthcare vs. Cloud Live Technology | Healthcare vs. Nanjing Putian Telecommunications | Healthcare vs. Shenzhen Coship Electronics | Healthcare vs. Shenzhen Hifuture Electric |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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