Correlation Between Hangzhou Minsheng and Guangzhou KingTeller
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By analyzing existing cross correlation between Hangzhou Minsheng Healthcare and Guangzhou KingTeller Technology, you can compare the effects of market volatilities on Hangzhou Minsheng and Guangzhou KingTeller 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 Minsheng with a short position of Guangzhou KingTeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Minsheng and Guangzhou KingTeller.
Diversification Opportunities for Hangzhou Minsheng and Guangzhou KingTeller
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hangzhou and Guangzhou is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Minsheng Healthcare and Guangzhou KingTeller Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou KingTeller and Hangzhou Minsheng 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 Minsheng Healthcare are associated (or correlated) with Guangzhou KingTeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou KingTeller has no effect on the direction of Hangzhou Minsheng i.e., Hangzhou Minsheng and Guangzhou KingTeller go up and down completely randomly.
Pair Corralation between Hangzhou Minsheng and Guangzhou KingTeller
Assuming the 90 days trading horizon Hangzhou Minsheng Healthcare is expected to under-perform the Guangzhou KingTeller. But the stock apears to be less risky and, when comparing its historical volatility, Hangzhou Minsheng Healthcare is 1.01 times less risky than Guangzhou KingTeller. The stock trades about -0.04 of its potential returns per unit of risk. The Guangzhou KingTeller Technology is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 454.00 in Guangzhou KingTeller Technology on January 26, 2025 and sell it today you would earn a total of 10.00 from holding Guangzhou KingTeller Technology or generate 2.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Minsheng Healthcare vs. Guangzhou KingTeller Technolog
Performance |
| Timeline |
| Hangzhou Minsheng |
| Guangzhou KingTeller |
Hangzhou Minsheng and Guangzhou KingTeller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Minsheng and Guangzhou KingTeller
The main advantage of trading using opposite Hangzhou Minsheng and Guangzhou KingTeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Minsheng position performs unexpectedly, Guangzhou KingTeller 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 Guangzhou KingTeller will offset losses from the drop in Guangzhou KingTeller's long position.| Hangzhou Minsheng vs. Boai NKY Pharmaceuticals | Hangzhou Minsheng vs. Beijing Topnew Info | Hangzhou Minsheng vs. Fujian Newland Computer | Hangzhou Minsheng vs. China Everbright Bank |
| Guangzhou KingTeller vs. Beijing Oriental Yuhong | Guangzhou KingTeller vs. Shenzhen MYS Environmental | Guangzhou KingTeller vs. Rongan Property Co | Guangzhou KingTeller vs. AVIC Fund Management |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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