Correlation Between Hangzhou Minsheng and Jiangsu Flowers
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By analyzing existing cross correlation between Hangzhou Minsheng Healthcare and Jiangsu Flowers King, you can compare the effects of market volatilities on Hangzhou Minsheng and Jiangsu Flowers 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 Jiangsu Flowers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou Minsheng and Jiangsu Flowers.
Diversification Opportunities for Hangzhou Minsheng and Jiangsu Flowers
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hangzhou and Jiangsu is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou Minsheng Healthcare and Jiangsu Flowers King in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Flowers King 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 Jiangsu Flowers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Flowers King has no effect on the direction of Hangzhou Minsheng i.e., Hangzhou Minsheng and Jiangsu Flowers go up and down completely randomly.
Pair Corralation between Hangzhou Minsheng and Jiangsu Flowers
Assuming the 90 days trading horizon Hangzhou Minsheng Healthcare is expected to generate 0.34 times more return on investment than Jiangsu Flowers. However, Hangzhou Minsheng Healthcare is 2.92 times less risky than Jiangsu Flowers. It trades about -0.05 of its potential returns per unit of risk. Jiangsu Flowers King is currently generating about -0.03 per unit of risk. If you would invest 1,243 in Hangzhou Minsheng Healthcare on November 3, 2024 and sell it today you would lose (18.00) from holding Hangzhou Minsheng Healthcare or give up 1.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou Minsheng Healthcare vs. Jiangsu Flowers King
Performance |
| Timeline |
| Hangzhou Minsheng |
| Jiangsu Flowers King |
Hangzhou Minsheng and Jiangsu Flowers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou Minsheng and Jiangsu Flowers
The main advantage of trading using opposite Hangzhou Minsheng and Jiangsu Flowers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou Minsheng position performs unexpectedly, Jiangsu Flowers 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 Jiangsu Flowers will offset losses from the drop in Jiangsu Flowers' long position.| Hangzhou Minsheng vs. Boai NKY Pharmaceuticals | Hangzhou Minsheng vs. Anker Innovations Technology | Hangzhou Minsheng vs. Wondershare Technology Co | Hangzhou Minsheng vs. Ming Yang Smart |
| Jiangsu Flowers vs. Industrial and Commercial | Jiangsu Flowers vs. Agricultural Bank of | Jiangsu Flowers vs. China Construction Bank | Jiangsu Flowers 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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