Correlation Between Humanwell Healthcare and Agricultural Bank
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By analyzing existing cross correlation between Humanwell Healthcare Group and Agricultural Bank of, you can compare the effects of market volatilities on Humanwell Healthcare and Agricultural Bank 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 Agricultural Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humanwell Healthcare and Agricultural Bank.
Diversification Opportunities for Humanwell Healthcare and Agricultural Bank
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Humanwell and Agricultural is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Humanwell Healthcare Group and Agricultural Bank of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agricultural Bank 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 Agricultural Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agricultural Bank has no effect on the direction of Humanwell Healthcare i.e., Humanwell Healthcare and Agricultural Bank go up and down completely randomly.
Pair Corralation between Humanwell Healthcare and Agricultural Bank
Assuming the 90 days trading horizon Humanwell Healthcare Group is expected to under-perform the Agricultural Bank. In addition to that, Humanwell Healthcare is 1.78 times more volatile than Agricultural Bank of. It trades about -0.16 of its total potential returns per unit of risk. Agricultural Bank of is currently generating about 0.18 per unit of volatility. If you would invest 501.00 in Agricultural Bank of on October 10, 2024 and sell it today you would earn a total of 25.00 from holding Agricultural Bank of or generate 4.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Humanwell Healthcare Group vs. Agricultural Bank of
Performance |
| Timeline |
| Humanwell Healthcare |
| Agricultural Bank |
Humanwell Healthcare and Agricultural Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Humanwell Healthcare and Agricultural Bank
The main advantage of trading using opposite Humanwell Healthcare and Agricultural Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humanwell Healthcare position performs unexpectedly, Agricultural Bank 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 Agricultural Bank will offset losses from the drop in Agricultural Bank's 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 |
| Agricultural Bank vs. Anshan Senyuan Road | Agricultural Bank vs. Eastern Air Logistics | Agricultural Bank vs. Yankershop Food Co | Agricultural Bank vs. Eastroc Beverage Group |
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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