Correlation Between Heren Health and Xinjiang Beixin
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By analyzing existing cross correlation between Heren Health Co and Xinjiang Beixin RoadBridge, you can compare the effects of market volatilities on Heren Health and Xinjiang Beixin 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 Heren Health with a short position of Xinjiang Beixin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heren Health and Xinjiang Beixin.
Diversification Opportunities for Heren Health and Xinjiang Beixin
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Heren and Xinjiang is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Heren Health Co and Xinjiang Beixin RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Beixin Road and Heren 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 Heren Health Co are associated (or correlated) with Xinjiang Beixin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Beixin Road has no effect on the direction of Heren Health i.e., Heren Health and Xinjiang Beixin go up and down completely randomly.
Pair Corralation between Heren Health and Xinjiang Beixin
Assuming the 90 days trading horizon Heren Health Co is expected to generate 1.02 times more return on investment than Xinjiang Beixin. However, Heren Health is 1.02 times more volatile than Xinjiang Beixin RoadBridge. It trades about -0.06 of its potential returns per unit of risk. Xinjiang Beixin RoadBridge is currently generating about -0.09 per unit of risk. If you would invest 1,461 in Heren Health Co on October 16, 2024 and sell it today you would lose (159.00) from holding Heren Health Co or give up 10.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heren Health Co vs. Xinjiang Beixin RoadBridge
Performance |
| Timeline |
| Heren Health |
| Xinjiang Beixin Road |
Heren Health and Xinjiang Beixin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heren Health and Xinjiang Beixin
The main advantage of trading using opposite Heren Health and Xinjiang Beixin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heren Health position performs unexpectedly, Xinjiang Beixin 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 Xinjiang Beixin will offset losses from the drop in Xinjiang Beixin's long position.| Heren Health vs. Cultural Investment Holdings | Heren Health vs. Western Metal Materials | Heren Health vs. Nuode Investment Co | Heren Health vs. Vanfund Urban Investment |
| Xinjiang Beixin vs. Heren Health Co | Xinjiang Beixin vs. Hunan Investment Group | Xinjiang Beixin vs. Zoje Resources Investment | Xinjiang Beixin vs. Tieling Newcity Investment |
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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