Correlation Between Industrial and Andon Health
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By analyzing existing cross correlation between Industrial and Commercial and Andon Health Co, you can compare the effects of market volatilities on Industrial and Andon 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 Industrial with a short position of Andon Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial and Andon Health.
Diversification Opportunities for Industrial and Andon Health
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Industrial and Andon is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Industrial and Commercial and Andon Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Andon Health and Industrial 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 Industrial and Commercial are associated (or correlated) with Andon Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Andon Health has no effect on the direction of Industrial i.e., Industrial and Andon Health go up and down completely randomly.
Pair Corralation between Industrial and Andon Health
Assuming the 90 days trading horizon Industrial and Commercial is expected to generate 1.15 times more return on investment than Andon Health. However, Industrial is 1.15 times more volatile than Andon Health Co. It trades about -0.19 of its potential returns per unit of risk. Andon Health Co is currently generating about -0.23 per unit of risk. If you would invest 678.00 in Industrial and Commercial on October 25, 2024 and sell it today you would lose (34.00) from holding Industrial and Commercial or give up 5.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Industrial and Commercial vs. Andon Health Co
Performance |
| Timeline |
| Industrial and Commercial |
| Andon Health |
Industrial and Andon Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Industrial and Andon Health
The main advantage of trading using opposite Industrial and Andon Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial position performs unexpectedly, Andon 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 Andon Health will offset losses from the drop in Andon Health's long position.| Industrial vs. Touchstone International Medical | Industrial vs. Dazhong Transportation Group | Industrial vs. Shenzhen Topway Video | Industrial vs. Allgens Medical Technology |
| Andon Health vs. Agricultural Bank of | Andon Health vs. Industrial and Commercial | Andon Health vs. Bank of China | Andon Health vs. China Construction Bank |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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