Correlation Between Ningbo MedicalSystem and By Health
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By analyzing existing cross correlation between Ningbo MedicalSystem Biotechnology and By health, you can compare the effects of market volatilities on Ningbo MedicalSystem and By Health 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 Ningbo MedicalSystem with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo MedicalSystem and By Health.
Diversification Opportunities for Ningbo MedicalSystem and By Health
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ningbo and 300146 is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo MedicalSystem Biotechno and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Ningbo MedicalSystem 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 Ningbo MedicalSystem Biotechnology are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Ningbo MedicalSystem i.e., Ningbo MedicalSystem and By Health go up and down completely randomly.
Pair Corralation between Ningbo MedicalSystem and By Health
Assuming the 90 days trading horizon Ningbo MedicalSystem Biotechnology is expected to generate 1.31 times more return on investment than By Health. However, Ningbo MedicalSystem is 1.31 times more volatile than By health. It trades about 0.03 of its potential returns per unit of risk. By health is currently generating about -0.11 per unit of risk. If you would invest 1,137 in Ningbo MedicalSystem Biotechnology on August 29, 2024 and sell it today you would earn a total of 11.00 from holding Ningbo MedicalSystem Biotechnology or generate 0.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo MedicalSystem Biotechno vs. By health
Performance |
| Timeline |
| Ningbo MedicalSystem |
| By health |
Ningbo MedicalSystem and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo MedicalSystem and By Health
The main advantage of trading using opposite Ningbo MedicalSystem and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo MedicalSystem position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Ningbo MedicalSystem vs. Industrial and Commercial | Ningbo MedicalSystem vs. China Construction Bank | Ningbo MedicalSystem vs. Agricultural Bank of | Ningbo MedicalSystem vs. Bank of China |
| By Health vs. Winner Medical Co | By Health vs. Cowealth Medical China | By Health vs. Ningbo MedicalSystem Biotechnology | By Health vs. Tsingtao Brewery Co |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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