Correlation Between Heren Health and Shandong Sinoglory
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By analyzing existing cross correlation between Heren Health Co and Shandong Sinoglory Health, you can compare the effects of market volatilities on Heren Health and Shandong Sinoglory 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 Shandong Sinoglory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heren Health and Shandong Sinoglory.
Diversification Opportunities for Heren Health and Shandong Sinoglory
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Heren and Shandong is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Heren Health Co and Shandong Sinoglory Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Sinoglory Health 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 Shandong Sinoglory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Sinoglory Health has no effect on the direction of Heren Health i.e., Heren Health and Shandong Sinoglory go up and down completely randomly.
Pair Corralation between Heren Health and Shandong Sinoglory
Assuming the 90 days trading horizon Heren Health Co is expected to generate 1.8 times more return on investment than Shandong Sinoglory. However, Heren Health is 1.8 times more volatile than Shandong Sinoglory Health. It trades about 0.07 of its potential returns per unit of risk. Shandong Sinoglory Health is currently generating about 0.03 per unit of risk. If you would invest 1,104 in Heren Health Co on September 3, 2024 and sell it today you would earn a total of 354.00 from holding Heren Health Co or generate 32.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heren Health Co vs. Shandong Sinoglory Health
Performance |
| Timeline |
| Heren Health |
| Shandong Sinoglory Health |
Heren Health and Shandong Sinoglory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heren Health and Shandong Sinoglory
The main advantage of trading using opposite Heren Health and Shandong Sinoglory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heren Health position performs unexpectedly, Shandong Sinoglory 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 Shandong Sinoglory will offset losses from the drop in Shandong Sinoglory's long position.| Heren Health vs. Chengdu Kanghua Biological | Heren Health vs. Beijing Wantai Biological | Heren Health vs. Suzhou Novoprotein Scientific | Heren Health vs. Aluminum Corp of |
| Shandong Sinoglory vs. Beijing Wantai Biological | Shandong Sinoglory vs. Aluminum Corp of | Shandong Sinoglory vs. COL Digital Publishing | Shandong Sinoglory vs. Shaanxi Meineng Clean |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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