Correlation Between Kunwu Jiuding and PKU HealthCare
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kunwu Jiuding Investment and PKU HealthCare Corp, you can compare the effects of market volatilities on Kunwu Jiuding and PKU HealthCare 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 Kunwu Jiuding with a short position of PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kunwu Jiuding and PKU HealthCare.
Diversification Opportunities for Kunwu Jiuding and PKU HealthCare
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kunwu and PKU is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Kunwu Jiuding Investment and PKU HealthCare Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKU HealthCare Corp and Kunwu Jiuding 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 Kunwu Jiuding Investment are associated (or correlated) with PKU HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKU HealthCare Corp has no effect on the direction of Kunwu Jiuding i.e., Kunwu Jiuding and PKU HealthCare go up and down completely randomly.
Pair Corralation between Kunwu Jiuding and PKU HealthCare
Assuming the 90 days trading horizon Kunwu Jiuding Investment is expected to under-perform the PKU HealthCare. But the stock apears to be less risky and, when comparing its historical volatility, Kunwu Jiuding Investment is 1.83 times less risky than PKU HealthCare. The stock trades about -0.33 of its potential returns per unit of risk. The PKU HealthCare Corp is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 660.00 in PKU HealthCare Corp on October 11, 2024 and sell it today you would lose (49.00) from holding PKU HealthCare Corp or give up 7.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kunwu Jiuding Investment vs. PKU HealthCare Corp
Performance |
| Timeline |
| Kunwu Jiuding Investment |
| PKU HealthCare Corp |
Kunwu Jiuding and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kunwu Jiuding and PKU HealthCare
The main advantage of trading using opposite Kunwu Jiuding and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kunwu Jiuding position performs unexpectedly, PKU HealthCare 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 PKU HealthCare will offset losses from the drop in PKU HealthCare's long position.| Kunwu Jiuding vs. Heilongjiang Transport Development | Kunwu Jiuding vs. Sportsoul Co Ltd | Kunwu Jiuding vs. Chongqing Brewery Co | Kunwu Jiuding vs. Jiangsu Jinling Sports |
| PKU HealthCare vs. Xiandai Investment Co | PKU HealthCare vs. Jointo Energy Investment | PKU HealthCare vs. Kunwu Jiuding Investment | PKU HealthCare vs. Zhejiang Construction Investment |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |