Correlation Between Hangzhou Coco and Everjoy Health
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By analyzing existing cross correlation between Hangzhou Coco Healthcare and Everjoy Health Group, you can compare the effects of market volatilities on Hangzhou Coco and Everjoy 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 Hangzhou Coco with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Coco and Everjoy Health.
Diversification Opportunities for Hangzhou Coco and Everjoy Health
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hangzhou and Everjoy is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Coco Healthcare and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group and Hangzhou Coco 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 Hangzhou Coco Healthcare are associated (or correlated) with Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Hangzhou Coco i.e., Hangzhou Coco and Everjoy Health go up and down completely randomly.
Pair Corralation between Hangzhou Coco and Everjoy Health
Assuming the 90 days trading horizon Hangzhou Coco is expected to generate 1.74 times less return on investment than Everjoy Health. In addition to that, Hangzhou Coco is 1.04 times more volatile than Everjoy Health Group. It trades about 0.1 of its total potential returns per unit of risk. Everjoy Health Group is currently generating about 0.18 per unit of volatility. If you would invest 372.00 in Everjoy Health Group on September 12, 2024 and sell it today you would earn a total of 40.00 from holding Everjoy Health Group or generate 10.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Coco Healthcare vs. Everjoy Health Group
Performance |
| Timeline |
| Hangzhou Coco Healthcare |
| Everjoy Health Group |
Hangzhou Coco and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Coco and Everjoy Health
The main advantage of trading using opposite Hangzhou Coco and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Coco position performs unexpectedly, Everjoy 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| Hangzhou Coco vs. China Petroleum Chemical | Hangzhou Coco vs. PetroChina Co Ltd | Hangzhou Coco vs. China State Construction | Hangzhou Coco vs. China Railway Group |
| Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Bank of China | Everjoy Health vs. PetroChina Co Ltd |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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