Correlation Between AVIC Fund and Heren Health
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By analyzing existing cross correlation between AVIC Fund Management and Heren Health Co, you can compare the effects of market volatilities on AVIC Fund and Heren 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 AVIC Fund with a short position of Heren Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of AVIC Fund and Heren Health.
Diversification Opportunities for AVIC Fund and Heren Health
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between AVIC and Heren is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding AVIC Fund Management and Heren Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heren Health and AVIC Fund 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 AVIC Fund Management are associated (or correlated) with Heren Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heren Health has no effect on the direction of AVIC Fund i.e., AVIC Fund and Heren Health go up and down completely randomly.
Pair Corralation between AVIC Fund and Heren Health
Assuming the 90 days trading horizon AVIC Fund is expected to generate 1.58 times less return on investment than Heren Health. But when comparing it to its historical volatility, AVIC Fund Management is 5.72 times less risky than Heren Health. It trades about 0.52 of its potential returns per unit of risk. Heren Health Co is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 1,417 in Heren Health Co on September 29, 2024 and sell it today you would earn a total of 115.00 from holding Heren Health Co or generate 8.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AVIC Fund Management vs. Heren Health Co
Performance |
| Timeline |
| AVIC Fund Management |
| Heren Health |
AVIC Fund and Heren Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AVIC Fund and Heren Health
The main advantage of trading using opposite AVIC Fund and Heren Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AVIC Fund position performs unexpectedly, Heren 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 Heren Health will offset losses from the drop in Heren Health's long position.| AVIC Fund vs. Industrial and Commercial | AVIC Fund vs. Kweichow Moutai Co | AVIC Fund vs. Agricultural Bank of | AVIC Fund vs. China Mobile Limited |
| Heren Health vs. Western Mining Co | Heren Health vs. Winner Medical Co | Heren Health vs. Shenzhen Silver Basis | Heren Health vs. Chengtun Mining Group |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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