Correlation Between Wuhan Hvsen and DO Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and DO Home Collection, you can compare the effects of market volatilities on Wuhan Hvsen and DO Home 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 Wuhan Hvsen with a short position of DO Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and DO Home.
Diversification Opportunities for Wuhan Hvsen and DO Home
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Wuhan and 002798 is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology and DO Home Collection in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DO Home Collection and Wuhan Hvsen 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 Wuhan Hvsen Biotechnology are associated (or correlated) with DO Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DO Home Collection has no effect on the direction of Wuhan Hvsen i.e., Wuhan Hvsen and DO Home go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and DO Home
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to generate 1.11 times more return on investment than DO Home. However, Wuhan Hvsen is 1.11 times more volatile than DO Home Collection. It trades about 0.2 of its potential returns per unit of risk. DO Home Collection is currently generating about 0.18 per unit of risk. If you would invest 839.00 in Wuhan Hvsen Biotechnology on September 2, 2024 and sell it today you would earn a total of 410.00 from holding Wuhan Hvsen Biotechnology or generate 48.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. DO Home Collection
Performance |
| Timeline |
| Wuhan Hvsen Biotechnology |
| DO Home Collection |
Wuhan Hvsen and DO Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Hvsen and DO Home
The main advantage of trading using opposite Wuhan Hvsen and DO Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen position performs unexpectedly, DO Home 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 DO Home will offset losses from the drop in DO Home's long position.| Wuhan Hvsen vs. PetroChina Co Ltd | Wuhan Hvsen vs. China Mobile Limited | Wuhan Hvsen vs. CNOOC Limited | Wuhan Hvsen vs. Ping An Insurance |
| DO Home vs. Jinling Hotel Corp | DO Home vs. Jilin Jlu Communication | DO Home vs. Wuhan Hvsen Biotechnology | DO Home vs. Beijing Bewinner Communications |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |