Correlation Between Humanwell Healthcare and Shandong
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By analyzing existing cross correlation between Humanwell Healthcare Group and Shandong Hi Speed RoadBridge, you can compare the effects of market volatilities on Humanwell Healthcare and Shandong 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 Humanwell Healthcare with a short position of Shandong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humanwell Healthcare and Shandong.
Diversification Opportunities for Humanwell Healthcare and Shandong
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Humanwell and Shandong is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Humanwell Healthcare Group and Shandong Hi Speed RoadBridge in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Hi Speed and Humanwell Healthcare 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 Humanwell Healthcare Group are associated (or correlated) with Shandong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Hi Speed has no effect on the direction of Humanwell Healthcare i.e., Humanwell Healthcare and Shandong go up and down completely randomly.
Pair Corralation between Humanwell Healthcare and Shandong
Assuming the 90 days trading horizon Humanwell Healthcare Group is expected to generate 1.34 times more return on investment than Shandong. However, Humanwell Healthcare is 1.34 times more volatile than Shandong Hi Speed RoadBridge. It trades about -0.01 of its potential returns per unit of risk. Shandong Hi Speed RoadBridge is currently generating about -0.02 per unit of risk. If you would invest 2,764 in Humanwell Healthcare Group on October 29, 2024 and sell it today you would lose (575.00) from holding Humanwell Healthcare Group or give up 20.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Humanwell Healthcare Group vs. Shandong Hi Speed RoadBridge
Performance |
| Timeline |
| Humanwell Healthcare |
| Shandong Hi Speed |
Humanwell Healthcare and Shandong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Humanwell Healthcare and Shandong
The main advantage of trading using opposite Humanwell Healthcare and Shandong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humanwell Healthcare position performs unexpectedly, Shandong 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 Shandong will offset losses from the drop in Shandong's long position.| Humanwell Healthcare vs. Shanghai Construction Group | Humanwell Healthcare vs. Easyhome New Retail | Humanwell Healthcare vs. Ningbo Construction Co | Humanwell Healthcare vs. Zhejiang Yinlun Machinery |
| Shandong vs. Tinavi Medical Technologies | Shandong vs. StarPower Semiconductor | Shandong vs. Kontour Medical Technology | Shandong vs. CareRay Digital Medical |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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