Correlation Between Zhengzhou Coal and PKU HealthCare
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhengzhou Coal Mining and PKU HealthCare Corp, you can compare the effects of market volatilities on Zhengzhou Coal 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 Zhengzhou Coal with a short position of PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhengzhou Coal and PKU HealthCare.
Diversification Opportunities for Zhengzhou Coal and PKU HealthCare
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Zhengzhou and PKU is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Zhengzhou Coal Mining 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 Zhengzhou Coal 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 Zhengzhou Coal Mining 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 Zhengzhou Coal i.e., Zhengzhou Coal and PKU HealthCare go up and down completely randomly.
Pair Corralation between Zhengzhou Coal and PKU HealthCare
Assuming the 90 days trading horizon Zhengzhou Coal Mining is expected to generate 0.2 times more return on investment than PKU HealthCare. However, Zhengzhou Coal Mining is 4.96 times less risky than PKU HealthCare. It trades about -0.14 of its potential returns per unit of risk. PKU HealthCare Corp is currently generating about -0.06 per unit of risk. If you would invest 1,309 in Zhengzhou Coal Mining on October 12, 2024 and sell it today you would lose (40.00) from holding Zhengzhou Coal Mining or give up 3.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhengzhou Coal Mining vs. PKU HealthCare Corp
Performance |
| Timeline |
| Zhengzhou Coal Mining |
| PKU HealthCare Corp |
Zhengzhou Coal and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhengzhou Coal and PKU HealthCare
The main advantage of trading using opposite Zhengzhou Coal and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhengzhou Coal 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.| Zhengzhou Coal vs. BYD Co Ltd | Zhengzhou Coal vs. China Mobile Limited | Zhengzhou Coal vs. Agricultural Bank of | Zhengzhou Coal vs. Industrial and Commercial |
| PKU HealthCare vs. Zhengzhou Coal Mining | PKU HealthCare vs. Wuhan Yangtze Communication | PKU HealthCare vs. Ningbo Jintian Copper | PKU HealthCare vs. Tongyu 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Stocks Directory Find actively traded stocks across global markets |