Correlation Between Xinhua Winshare and Healthcare
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Healthcare Co, you can compare the effects of market volatilities on Xinhua Winshare and 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 Xinhua Winshare with a short position of Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Healthcare.
Diversification Opportunities for Xinhua Winshare and Healthcare
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xinhua and Healthcare is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Healthcare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Healthcare and Xinhua Winshare 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 Xinhua Winshare Publishing are associated (or correlated) with Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Healthcare has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Healthcare go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Healthcare
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 0.86 times more return on investment than Healthcare. However, Xinhua Winshare Publishing is 1.17 times less risky than Healthcare. It trades about 0.01 of its potential returns per unit of risk. Healthcare Co is currently generating about -0.03 per unit of risk. If you would invest 1,459 in Xinhua Winshare Publishing on September 4, 2024 and sell it today you would lose (27.00) from holding Xinhua Winshare Publishing or give up 1.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Healthcare Co
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Healthcare |
Xinhua Winshare and Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Healthcare
The main advantage of trading using opposite Xinhua Winshare and Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, 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 Healthcare will offset losses from the drop in Healthcare's long position.| Xinhua Winshare vs. Shandong Sinoglory Health | Xinhua Winshare vs. Shanghai Rongtai Health | Xinhua Winshare vs. PKU HealthCare Corp | Xinhua Winshare vs. Lotus Health Group |
| Healthcare vs. Duzhe Publishing Media | Healthcare vs. Chinese Universe Publishing | Healthcare vs. Xinhua Winshare Publishing | Healthcare vs. Southern PublishingMedia Co |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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