Correlation Between Lotus Health and HanS Laser
Specify exactly 2 symbols:
By analyzing existing cross correlation between Lotus Health Group and HanS Laser Tech, you can compare the effects of market volatilities on Lotus Health and HanS Laser 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 Lotus Health with a short position of HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lotus Health and HanS Laser.
Diversification Opportunities for Lotus Health and HanS Laser
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Lotus and HanS is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Lotus Health Group and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech and Lotus Health 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 Lotus Health Group are associated (or correlated) with HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Lotus Health i.e., Lotus Health and HanS Laser go up and down completely randomly.
Pair Corralation between Lotus Health and HanS Laser
Assuming the 90 days trading horizon Lotus Health Group is expected to generate 1.43 times more return on investment than HanS Laser. However, Lotus Health is 1.43 times more volatile than HanS Laser Tech. It trades about 0.05 of its potential returns per unit of risk. HanS Laser Tech is currently generating about 0.0 per unit of risk. If you would invest 266.00 in Lotus Health Group on October 16, 2024 and sell it today you would earn a total of 199.00 from holding Lotus Health Group or generate 74.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lotus Health Group vs. HanS Laser Tech
Performance |
| Timeline |
| Lotus Health Group |
| HanS Laser Tech |
Lotus Health and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lotus Health and HanS Laser
The main advantage of trading using opposite Lotus Health and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lotus Health position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Lotus Health vs. Ciwen Media Co | Lotus Health vs. Guangzhou Jinyi Media | Lotus Health vs. Huayi Brothers Media | Lotus Health vs. Jiangnan Mould Plastic |
| HanS Laser vs. Soochow Suzhou Industrial | HanS Laser vs. Hygon Information Technology | HanS Laser vs. Tibet Huayu Mining | HanS Laser vs. Chengtun Mining 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |