Correlation Between Zhonghong Pulin and Youngy Health
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By analyzing existing cross correlation between Zhonghong Pulin Medical and Youngy Health Co, you can compare the effects of market volatilities on Zhonghong Pulin and Youngy 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 Zhonghong Pulin with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhonghong Pulin and Youngy Health.
Diversification Opportunities for Zhonghong Pulin and Youngy Health
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zhonghong and Youngy is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Zhonghong Pulin Medical and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health and Zhonghong Pulin 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 Zhonghong Pulin Medical are associated (or correlated) with Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Zhonghong Pulin i.e., Zhonghong Pulin and Youngy Health go up and down completely randomly.
Pair Corralation between Zhonghong Pulin and Youngy Health
Assuming the 90 days trading horizon Zhonghong Pulin Medical is expected to generate 1.11 times more return on investment than Youngy Health. However, Zhonghong Pulin is 1.11 times more volatile than Youngy Health Co. It trades about 0.0 of its potential returns per unit of risk. Youngy Health Co is currently generating about 0.0 per unit of risk. If you would invest 1,430 in Zhonghong Pulin Medical on October 13, 2024 and sell it today you would lose (229.00) from holding Zhonghong Pulin Medical or give up 16.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhonghong Pulin Medical vs. Youngy Health Co
Performance |
| Timeline |
| Zhonghong Pulin Medical |
| Youngy Health |
Zhonghong Pulin and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhonghong Pulin and Youngy Health
The main advantage of trading using opposite Zhonghong Pulin and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhonghong Pulin position performs unexpectedly, Youngy 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| Zhonghong Pulin vs. New Hope Dairy | Zhonghong Pulin vs. Shaanxi Construction Machinery | Zhonghong Pulin vs. Zhejiang Yinlun Machinery | Zhonghong Pulin vs. HaiXin Foods Co |
| Youngy Health vs. Shenzhen Zhongzhuang Construction | Youngy Health vs. Zhonghong Pulin Medical | Youngy Health vs. Eyebright Medical Technology | Youngy Health vs. Hongrun Construction Group |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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