Correlation Between Loctek Ergonomic and By Health
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By analyzing existing cross correlation between Loctek Ergonomic Technology and By health, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and By Health.
Diversification Opportunities for Loctek Ergonomic and By Health
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Loctek and 300146 is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and By Health go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and By Health
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to generate 1.86 times more return on investment than By Health. However, Loctek Ergonomic is 1.86 times more volatile than By health. It trades about 0.11 of its potential returns per unit of risk. By health is currently generating about -0.15 per unit of risk. If you would invest 1,505 in Loctek Ergonomic Technology on November 6, 2024 and sell it today you would earn a total of 57.00 from holding Loctek Ergonomic Technology or generate 3.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. By health
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| By health |
Loctek Ergonomic and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and By Health
The main advantage of trading using opposite Loctek Ergonomic and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.| Loctek Ergonomic vs. Integrated Electronic Systems | Loctek Ergonomic vs. Dongnan Electronics Co | Loctek Ergonomic vs. Epoxy Base Electronic | Loctek Ergonomic vs. Beijing Kingsoft Office |
| By Health vs. Shannon Semiconductor Technology | By Health vs. Zhejiang Kingland Pipeline | By Health vs. Guangzhou KingTeller Technology | By Health vs. Will Semiconductor 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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