Correlation Between Heren Health and Guangzhou Jinyi
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By analyzing existing cross correlation between Heren Health Co and Guangzhou Jinyi Media, you can compare the effects of market volatilities on Heren Health and Guangzhou Jinyi 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 Guangzhou Jinyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heren Health and Guangzhou Jinyi.
Diversification Opportunities for Heren Health and Guangzhou Jinyi
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Heren and Guangzhou is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Heren Health Co and Guangzhou Jinyi Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jinyi Media 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 Guangzhou Jinyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jinyi Media has no effect on the direction of Heren Health i.e., Heren Health and Guangzhou Jinyi go up and down completely randomly.
Pair Corralation between Heren Health and Guangzhou Jinyi
Assuming the 90 days trading horizon Heren Health Co is expected to under-perform the Guangzhou Jinyi. But the stock apears to be less risky and, when comparing its historical volatility, Heren Health Co is 1.04 times less risky than Guangzhou Jinyi. The stock trades about -0.01 of its potential returns per unit of risk. The Guangzhou Jinyi Media is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 803.00 in Guangzhou Jinyi Media on November 3, 2024 and sell it today you would lose (9.00) from holding Guangzhou Jinyi Media or give up 1.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heren Health Co vs. Guangzhou Jinyi Media
Performance |
| Timeline |
| Heren Health |
| Guangzhou Jinyi Media |
Heren Health and Guangzhou Jinyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heren Health and Guangzhou Jinyi
The main advantage of trading using opposite Heren Health and Guangzhou Jinyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heren Health position performs unexpectedly, Guangzhou Jinyi 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 Guangzhou Jinyi will offset losses from the drop in Guangzhou Jinyi's long position.| Heren Health vs. China Asset Management | Heren Health vs. Shanghai Material Trading | Heren Health vs. Thinkon Semiconductor Jinzhou | Heren Health vs. Nuode Investment Co |
| Guangzhou Jinyi vs. Uroica Mining Safety | Guangzhou Jinyi vs. Pengxin International Mining | Guangzhou Jinyi vs. Eyebright Medical Technology | Guangzhou Jinyi vs. Zhejiang Yongjin Metal |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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