Correlation Between Humanwell Healthcare and Zhuzhou Feilu
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By analyzing existing cross correlation between Humanwell Healthcare Group and Zhuzhou Feilu High Tech, you can compare the effects of market volatilities on Humanwell Healthcare and Zhuzhou Feilu 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 Zhuzhou Feilu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humanwell Healthcare and Zhuzhou Feilu.
Diversification Opportunities for Humanwell Healthcare and Zhuzhou Feilu
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Humanwell and Zhuzhou is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Humanwell Healthcare Group and Zhuzhou Feilu High Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Feilu High 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 Zhuzhou Feilu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Feilu High has no effect on the direction of Humanwell Healthcare i.e., Humanwell Healthcare and Zhuzhou Feilu go up and down completely randomly.
Pair Corralation between Humanwell Healthcare and Zhuzhou Feilu
Assuming the 90 days trading horizon Humanwell Healthcare Group is expected to generate 1.0 times more return on investment than Zhuzhou Feilu. However, Humanwell Healthcare Group is 1.0 times less risky than Zhuzhou Feilu. It trades about 0.2 of its potential returns per unit of risk. Zhuzhou Feilu High Tech is currently generating about 0.06 per unit of risk. If you would invest 2,185 in Humanwell Healthcare Group on September 12, 2024 and sell it today you would earn a total of 227.00 from holding Humanwell Healthcare Group or generate 10.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Humanwell Healthcare Group vs. Zhuzhou Feilu High Tech
Performance |
| Timeline |
| Humanwell Healthcare |
| Zhuzhou Feilu High |
Humanwell Healthcare and Zhuzhou Feilu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Humanwell Healthcare and Zhuzhou Feilu
The main advantage of trading using opposite Humanwell Healthcare and Zhuzhou Feilu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humanwell Healthcare position performs unexpectedly, Zhuzhou Feilu 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 Zhuzhou Feilu will offset losses from the drop in Zhuzhou Feilu's long position.| Humanwell Healthcare vs. Cultural Investment Holdings | Humanwell Healthcare vs. Gome Telecom Equipment | Humanwell Healthcare vs. Holitech Technology Co | Humanwell Healthcare vs. Zotye Automobile Co |
| Zhuzhou Feilu vs. Zhejiang Xiantong RubberPlastic | Zhuzhou Feilu vs. Hengerda New Materials | Zhuzhou Feilu vs. Eastern Air Logistics | Zhuzhou Feilu vs. Kunwu Jiuding 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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