Correlation Between Huaxia Eye and Ming Yang
Specify exactly 2 symbols:
By analyzing existing cross correlation between Huaxia Eye Hospital and Ming Yang Smart, you can compare the effects of market volatilities on Huaxia Eye and Ming Yang 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 Huaxia Eye with a short position of Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huaxia Eye and Ming Yang.
Diversification Opportunities for Huaxia Eye and Ming Yang
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Huaxia and Ming is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Huaxia Eye Hospital and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart and Huaxia Eye 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 Huaxia Eye Hospital are associated (or correlated) with Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Huaxia Eye i.e., Huaxia Eye and Ming Yang go up and down completely randomly.
Pair Corralation between Huaxia Eye and Ming Yang
Assuming the 90 days trading horizon Huaxia Eye Hospital is expected to under-perform the Ming Yang. But the stock apears to be less risky and, when comparing its historical volatility, Huaxia Eye Hospital is 1.43 times less risky than Ming Yang. The stock trades about -0.05 of its potential returns per unit of risk. The Ming Yang Smart is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,252 in Ming Yang Smart on September 27, 2024 and sell it today you would earn a total of 30.00 from holding Ming Yang Smart or generate 2.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huaxia Eye Hospital vs. Ming Yang Smart
Performance |
| Timeline |
| Huaxia Eye Hospital |
| Ming Yang Smart |
Huaxia Eye and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huaxia Eye and Ming Yang
The main advantage of trading using opposite Huaxia Eye and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huaxia Eye position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.| Huaxia Eye vs. Xinjiang Tianrun Dairy | Huaxia Eye vs. Youyou Foods Co | Huaxia Eye vs. Zhongyin Babi Food | Huaxia Eye vs. Jiajia Food Group |
| Ming Yang vs. Healthcare Co | Ming Yang vs. Sanbo Hospital Management | Ming Yang vs. Everjoy Health Group | Ming Yang vs. Huaxia Eye Hospital |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |