Correlation Between Zhonghong Pulin and Shanghai AtHub
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By analyzing existing cross correlation between Zhonghong Pulin Medical and Shanghai AtHub Co, you can compare the effects of market volatilities on Zhonghong Pulin and Shanghai AtHub 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 Shanghai AtHub. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhonghong Pulin and Shanghai AtHub.
Diversification Opportunities for Zhonghong Pulin and Shanghai AtHub
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Zhonghong and Shanghai is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Zhonghong Pulin Medical and Shanghai AtHub Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai AtHub 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 Shanghai AtHub. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai AtHub has no effect on the direction of Zhonghong Pulin i.e., Zhonghong Pulin and Shanghai AtHub go up and down completely randomly.
Pair Corralation between Zhonghong Pulin and Shanghai AtHub
Assuming the 90 days trading horizon Zhonghong Pulin Medical is expected to under-perform the Shanghai AtHub. But the stock apears to be less risky and, when comparing its historical volatility, Zhonghong Pulin Medical is 1.12 times less risky than Shanghai AtHub. The stock trades about -0.11 of its potential returns per unit of risk. The Shanghai AtHub Co is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 1,651 in Shanghai AtHub Co on September 28, 2024 and sell it today you would earn a total of 308.00 from holding Shanghai AtHub Co or generate 18.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhonghong Pulin Medical vs. Shanghai AtHub Co
Performance |
| Timeline |
| Zhonghong Pulin Medical |
| Shanghai AtHub |
Zhonghong Pulin and Shanghai AtHub Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhonghong Pulin and Shanghai AtHub
The main advantage of trading using opposite Zhonghong Pulin and Shanghai AtHub positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhonghong Pulin position performs unexpectedly, Shanghai AtHub 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 Shanghai AtHub will offset losses from the drop in Shanghai AtHub's long position.| Zhonghong Pulin vs. Innovative Medical Management | Zhonghong Pulin vs. Allmed Medical Products | Zhonghong Pulin vs. Zhongzhu Medical Holdings | Zhonghong Pulin vs. Aerospace Hi Tech Holding |
| Shanghai AtHub vs. Industrial and Commercial | Shanghai AtHub vs. Agricultural Bank of | Shanghai AtHub vs. China Construction Bank | Shanghai AtHub vs. Bank of China |
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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