Correlation Between Humanwell Healthcare and China Petroleum
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By analyzing existing cross correlation between Humanwell Healthcare Group and China Petroleum Chemical, you can compare the effects of market volatilities on Humanwell Healthcare and China Petroleum 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 China Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humanwell Healthcare and China Petroleum.
Diversification Opportunities for Humanwell Healthcare and China Petroleum
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Humanwell and China is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Humanwell Healthcare Group and China Petroleum Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Petroleum Chemical 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 China Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Petroleum Chemical has no effect on the direction of Humanwell Healthcare i.e., Humanwell Healthcare and China Petroleum go up and down completely randomly.
Pair Corralation between Humanwell Healthcare and China Petroleum
Assuming the 90 days trading horizon Humanwell Healthcare Group is expected to under-perform the China Petroleum. In addition to that, Humanwell Healthcare is 1.44 times more volatile than China Petroleum Chemical. It trades about -0.02 of its total potential returns per unit of risk. China Petroleum Chemical is currently generating about 0.05 per unit of volatility. If you would invest 536.00 in China Petroleum Chemical on September 4, 2024 and sell it today you would earn a total of 95.00 from holding China Petroleum Chemical or generate 17.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Humanwell Healthcare Group vs. China Petroleum Chemical
Performance |
| Timeline |
| Humanwell Healthcare |
| China Petroleum Chemical |
Humanwell Healthcare and China Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Humanwell Healthcare and China Petroleum
The main advantage of trading using opposite Humanwell Healthcare and China Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humanwell Healthcare position performs unexpectedly, China Petroleum 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 China Petroleum will offset losses from the drop in China Petroleum's long position.| Humanwell Healthcare vs. Industrial Bank Co | Humanwell Healthcare vs. Zijin Mining Group | Humanwell Healthcare vs. Jiangxi Naipu Mining | Humanwell Healthcare vs. Guocheng Mining Co |
| China Petroleum vs. Jointo Energy Investment | China Petroleum vs. Jilin Jlu Communication | China Petroleum vs. Shenzhen Centralcon Investment | China Petroleum vs. Beijing Mainstreets 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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