Correlation Between Humanwell Healthcare and Ciwen Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Humanwell Healthcare Group and Ciwen Media Co, you can compare the effects of market volatilities on Humanwell Healthcare and Ciwen Media 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 Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humanwell Healthcare and Ciwen Media.
Diversification Opportunities for Humanwell Healthcare and Ciwen Media
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Humanwell and Ciwen is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Humanwell Healthcare Group and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media 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 Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of Humanwell Healthcare i.e., Humanwell Healthcare and Ciwen Media go up and down completely randomly.
Pair Corralation between Humanwell Healthcare and Ciwen Media
Assuming the 90 days trading horizon Humanwell Healthcare is expected to generate 6.91 times less return on investment than Ciwen Media. But when comparing it to its historical volatility, Humanwell Healthcare Group is 1.72 times less risky than Ciwen Media. It trades about 0.01 of its potential returns per unit of risk. Ciwen Media Co is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 588.00 in Ciwen Media Co on September 3, 2024 and sell it today you would earn a total of 162.00 from holding Ciwen Media Co or generate 27.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Humanwell Healthcare Group vs. Ciwen Media Co
Performance |
| Timeline |
| Humanwell Healthcare |
| Ciwen Media |
Humanwell Healthcare and Ciwen Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Humanwell Healthcare and Ciwen Media
The main advantage of trading using opposite Humanwell Healthcare and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humanwell Healthcare position performs unexpectedly, Ciwen Media 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.| Humanwell Healthcare vs. Yangmei Chemical Co | Humanwell Healthcare vs. Eastern Communications Co | Humanwell Healthcare vs. Xinjiang Zhongtai Chemical | Humanwell Healthcare vs. Wintao Communications Co |
| Ciwen Media vs. Lander Sports Development | Ciwen Media vs. De Rucci Healthy | Ciwen Media vs. Humanwell Healthcare Group | Ciwen Media vs. By health |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |