Correlation Between Markor International and Humanwell Healthcare
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By analyzing existing cross correlation between Markor International Home and Humanwell Healthcare Group, you can compare the effects of market volatilities on Markor International and Humanwell Healthcare 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 Markor International with a short position of Humanwell Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Markor International and Humanwell Healthcare.
Diversification Opportunities for Markor International and Humanwell Healthcare
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Markor and Humanwell is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Markor International Home and Humanwell Healthcare Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Humanwell Healthcare and Markor International 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 Markor International Home are associated (or correlated) with Humanwell Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Humanwell Healthcare has no effect on the direction of Markor International i.e., Markor International and Humanwell Healthcare go up and down completely randomly.
Pair Corralation between Markor International and Humanwell Healthcare
Assuming the 90 days trading horizon Markor International Home is expected to generate 1.28 times more return on investment than Humanwell Healthcare. However, Markor International is 1.28 times more volatile than Humanwell Healthcare Group. It trades about 0.2 of its potential returns per unit of risk. Humanwell Healthcare Group is currently generating about 0.06 per unit of risk. If you would invest 135.00 in Markor International Home on September 2, 2024 and sell it today you would earn a total of 71.00 from holding Markor International Home or generate 52.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Markor International Home vs. Humanwell Healthcare Group
Performance |
| Timeline |
| Markor International Home |
| Humanwell Healthcare |
Markor International and Humanwell Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Markor International and Humanwell Healthcare
The main advantage of trading using opposite Markor International and Humanwell Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Markor International position performs unexpectedly, Humanwell Healthcare 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 Humanwell Healthcare will offset losses from the drop in Humanwell Healthcare's long position.| Markor International vs. Humanwell Healthcare Group | Markor International vs. Jinhe Biotechnology Co | Markor International vs. Keda Clean Energy | Markor International vs. Impulse Qingdao Health |
| Humanwell Healthcare vs. China Petroleum Chemical | Humanwell Healthcare vs. PetroChina Co Ltd | Humanwell Healthcare vs. China State Construction | Humanwell Healthcare vs. China Railway 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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