Correlation Between Luyin Investment and Heren Health
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By analyzing existing cross correlation between Luyin Investment Group and Heren Health Co, you can compare the effects of market volatilities on Luyin Investment and Heren 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 Luyin Investment with a short position of Heren Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luyin Investment and Heren Health.
Diversification Opportunities for Luyin Investment and Heren Health
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Luyin and Heren is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Luyin Investment Group and Heren Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heren Health and Luyin Investment 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 Luyin Investment Group are associated (or correlated) with Heren Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heren Health has no effect on the direction of Luyin Investment i.e., Luyin Investment and Heren Health go up and down completely randomly.
Pair Corralation between Luyin Investment and Heren Health
Assuming the 90 days trading horizon Luyin Investment is expected to generate 2.93 times less return on investment than Heren Health. But when comparing it to its historical volatility, Luyin Investment Group is 1.95 times less risky than Heren Health. It trades about 0.03 of its potential returns per unit of risk. Heren Health Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,131 in Heren Health Co on October 27, 2024 and sell it today you would earn a total of 251.00 from holding Heren Health Co or generate 22.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Luyin Investment Group vs. Heren Health Co
Performance |
| Timeline |
| Luyin Investment |
| Heren Health |
Luyin Investment and Heren Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luyin Investment and Heren Health
The main advantage of trading using opposite Luyin Investment and Heren Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luyin Investment position performs unexpectedly, Heren 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 Heren Health will offset losses from the drop in Heren Health's long position.| Luyin Investment vs. Zijin Mining Group | Luyin Investment vs. Wanhua Chemical Group | Luyin Investment vs. Baoshan Iron Steel | Luyin Investment vs. Shandong Gold Mining |
| Heren Health vs. Integrated Electronic Systems | Heren Health vs. Semiconductor Manufacturing Electronics | Heren Health vs. Dongguan Tarry Electronics | Heren Health vs. Zhongshan Public Utilities |
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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