Correlation Between Tsingtao Brewery and By Health
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By analyzing existing cross correlation between Tsingtao Brewery Co and By health, you can compare the effects of market volatilities on Tsingtao Brewery and By Health 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 Tsingtao Brewery with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tsingtao Brewery and By Health.
Diversification Opportunities for Tsingtao Brewery and By Health
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Tsingtao and 300146 is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Tsingtao Brewery Co and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Tsingtao Brewery 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 Tsingtao Brewery Co are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Tsingtao Brewery i.e., Tsingtao Brewery and By Health go up and down completely randomly.
Pair Corralation between Tsingtao Brewery and By Health
Assuming the 90 days trading horizon Tsingtao Brewery Co is expected to generate 1.19 times more return on investment than By Health. However, Tsingtao Brewery is 1.19 times more volatile than By health. It trades about 0.17 of its potential returns per unit of risk. By health is currently generating about -0.03 per unit of risk. If you would invest 6,713 in Tsingtao Brewery Co on September 1, 2024 and sell it today you would earn a total of 585.00 from holding Tsingtao Brewery Co or generate 8.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tsingtao Brewery Co vs. By health
Performance |
| Timeline |
| Tsingtao Brewery |
| By health |
Tsingtao Brewery and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tsingtao Brewery and By Health
The main advantage of trading using opposite Tsingtao Brewery and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tsingtao Brewery position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Tsingtao Brewery vs. BeiGene | Tsingtao Brewery vs. Kweichow Moutai Co | Tsingtao Brewery vs. Beijing Roborock Technology | Tsingtao Brewery vs. G bits Network Technology |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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