Correlation Between Guangxi Wuzhou and PKU HealthCare
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By analyzing existing cross correlation between Guangxi Wuzhou Communications and PKU HealthCare Corp, you can compare the effects of market volatilities on Guangxi Wuzhou and PKU 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 Guangxi Wuzhou with a short position of PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangxi Wuzhou and PKU HealthCare.
Diversification Opportunities for Guangxi Wuzhou and PKU HealthCare
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guangxi and PKU is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Guangxi Wuzhou Communications and PKU HealthCare Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKU HealthCare Corp and Guangxi Wuzhou 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 Guangxi Wuzhou Communications are associated (or correlated) with PKU HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKU HealthCare Corp has no effect on the direction of Guangxi Wuzhou i.e., Guangxi Wuzhou and PKU HealthCare go up and down completely randomly.
Pair Corralation between Guangxi Wuzhou and PKU HealthCare
Assuming the 90 days trading horizon Guangxi Wuzhou Communications is expected to generate 1.02 times more return on investment than PKU HealthCare. However, Guangxi Wuzhou is 1.02 times more volatile than PKU HealthCare Corp. It trades about 0.01 of its potential returns per unit of risk. PKU HealthCare Corp is currently generating about -0.09 per unit of risk. If you would invest 469.00 in Guangxi Wuzhou Communications on October 16, 2024 and sell it today you would lose (6.00) from holding Guangxi Wuzhou Communications or give up 1.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangxi Wuzhou Communications vs. PKU HealthCare Corp
Performance |
| Timeline |
| Guangxi Wuzhou Commu |
| PKU HealthCare Corp |
Guangxi Wuzhou and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangxi Wuzhou and PKU HealthCare
The main advantage of trading using opposite Guangxi Wuzhou and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangxi Wuzhou position performs unexpectedly, PKU 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 PKU HealthCare will offset losses from the drop in PKU HealthCare's long position.| Guangxi Wuzhou vs. Jonjee Hi tech Industrial | Guangxi Wuzhou vs. Youyou Foods Co | Guangxi Wuzhou vs. Guangzhou Haige Communications | Guangxi Wuzhou vs. Beijing Sanyuan Foods |
| PKU HealthCare vs. Guangxi Wuzhou Communications | PKU HealthCare vs. Jilin Jlu Communication | PKU HealthCare vs. Runjian Communication Co | PKU HealthCare vs. Wuhan Yangtze Communication |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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