Correlation Between Hangzhou Minsheng and Youngy Health
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By analyzing existing cross correlation between Hangzhou Minsheng Healthcare and Youngy Health Co, you can compare the effects of market volatilities on Hangzhou Minsheng 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 Hangzhou Minsheng with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Minsheng and Youngy Health.
Diversification Opportunities for Hangzhou Minsheng and Youngy Health
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hangzhou and Youngy is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Minsheng Healthcare and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health 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 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 Hangzhou Minsheng i.e., Hangzhou Minsheng and Youngy Health go up and down completely randomly.
Pair Corralation between Hangzhou Minsheng and Youngy Health
Assuming the 90 days trading horizon Hangzhou Minsheng Healthcare is expected to under-perform the Youngy Health. In addition to that, Hangzhou Minsheng is 1.23 times more volatile than Youngy Health Co. It trades about -0.07 of its total potential returns per unit of risk. Youngy Health Co is currently generating about 0.01 per unit of volatility. If you would invest 390.00 in Youngy Health Co on October 25, 2024 and sell it today you would lose (40.00) from holding Youngy Health Co or give up 10.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 69.71% |
| Values | Daily Returns |
Hangzhou Minsheng Healthcare vs. Youngy Health Co
Performance |
| Timeline |
| Hangzhou Minsheng |
| Youngy Health |
Hangzhou Minsheng and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Minsheng and Youngy Health
The main advantage of trading using opposite Hangzhou Minsheng and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Minsheng 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.| Hangzhou Minsheng vs. Bingo Software Co | Hangzhou Minsheng vs. Linkage Software Co | Hangzhou Minsheng vs. Quectel Wireless Solutions | Hangzhou Minsheng vs. Hainan HNA Infrastructure |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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