Correlation Between Jiangsu Phoenix and Heren Health
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Heren Health Co, you can compare the effects of market volatilities on Jiangsu Phoenix 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 Jiangsu Phoenix with a short position of Heren Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Heren Health.
Diversification Opportunities for Jiangsu Phoenix and Heren Health
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Heren is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Heren Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heren Health and Jiangsu Phoenix 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 Jiangsu Phoenix Publishing 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 Jiangsu Phoenix i.e., Jiangsu Phoenix and Heren Health go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Heren Health
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to under-perform the Heren Health. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Phoenix Publishing is 1.94 times less risky than Heren Health. The stock trades about -0.02 of its potential returns per unit of risk. The Heren Health Co is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,017 in Heren Health Co on September 3, 2024 and sell it today you would earn a total of 441.00 from holding Heren Health Co or generate 43.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Heren Health Co
Performance |
| Timeline |
| Jiangsu Phoenix Publ |
| Heren Health |
Jiangsu Phoenix and Heren Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Phoenix and Heren Health
The main advantage of trading using opposite Jiangsu Phoenix and Heren Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix 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.| Jiangsu Phoenix vs. China Railway Materials | Jiangsu Phoenix vs. Eastroc Beverage Group | Jiangsu Phoenix vs. Jiangnan Mould Plastic | Jiangsu Phoenix vs. Ligao Foods CoLtd |
| Heren Health vs. Chengdu Kanghua Biological | Heren Health vs. Beijing Wantai Biological | Heren Health vs. Suzhou Novoprotein Scientific | Heren Health vs. Aluminum Corp of |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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