Correlation Between Humanwell Healthcare and Wintao Communications
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By analyzing existing cross correlation between Humanwell Healthcare Group and Wintao Communications Co, you can compare the effects of market volatilities on Humanwell Healthcare and Wintao Communications 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 Wintao Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humanwell Healthcare and Wintao Communications.
Diversification Opportunities for Humanwell Healthcare and Wintao Communications
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Humanwell and Wintao is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Humanwell Healthcare Group and Wintao Communications Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wintao Communications 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 Wintao Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wintao Communications has no effect on the direction of Humanwell Healthcare i.e., Humanwell Healthcare and Wintao Communications go up and down completely randomly.
Pair Corralation between Humanwell Healthcare and Wintao Communications
Assuming the 90 days trading horizon Humanwell Healthcare Group is expected to under-perform the Wintao Communications. But the stock apears to be less risky and, when comparing its historical volatility, Humanwell Healthcare Group is 1.68 times less risky than Wintao Communications. The stock trades about -0.01 of its potential returns per unit of risk. The Wintao Communications Co is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 2,681 in Wintao Communications Co on October 11, 2024 and sell it today you would lose (614.00) from holding Wintao Communications Co or give up 22.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Humanwell Healthcare Group vs. Wintao Communications Co
Performance |
| Timeline |
| Humanwell Healthcare |
| Wintao Communications |
Humanwell Healthcare and Wintao Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Humanwell Healthcare and Wintao Communications
The main advantage of trading using opposite Humanwell Healthcare and Wintao Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humanwell Healthcare position performs unexpectedly, Wintao Communications 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 Wintao Communications will offset losses from the drop in Wintao Communications' long position.| Humanwell Healthcare vs. Hangzhou Gisway Information | Humanwell Healthcare vs. Zhongshan Public Utilities | Humanwell Healthcare vs. East Money Information | Humanwell Healthcare vs. SSAW Hotels Resorts |
| Wintao Communications vs. Humanwell Healthcare Group | Wintao Communications vs. Andon Health Co | Wintao Communications vs. Mingchen Health Co | Wintao Communications vs. Chison Medical Technologies |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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