Correlation Between JiShi Media and Humanwell Healthcare
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By analyzing existing cross correlation between JiShi Media Co and Humanwell Healthcare Group, you can compare the effects of market volatilities on JiShi Media and Humanwell 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 JiShi Media with a short position of Humanwell Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Humanwell Healthcare.
Diversification Opportunities for JiShi Media and Humanwell Healthcare
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JiShi and Humanwell is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Humanwell Healthcare Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Humanwell Healthcare and JiShi Media 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 JiShi Media Co are associated (or correlated) with Humanwell Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Humanwell Healthcare has no effect on the direction of JiShi Media i.e., JiShi Media and Humanwell Healthcare go up and down completely randomly.
Pair Corralation between JiShi Media and Humanwell Healthcare
Assuming the 90 days trading horizon JiShi Media Co is expected to under-perform the Humanwell Healthcare. In addition to that, JiShi Media is 1.27 times more volatile than Humanwell Healthcare Group. It trades about -0.16 of its total potential returns per unit of risk. Humanwell Healthcare Group is currently generating about -0.14 per unit of volatility. If you would invest 2,381 in Humanwell Healthcare Group on October 28, 2024 and sell it today you would lose (192.00) from holding Humanwell Healthcare Group or give up 8.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Humanwell Healthcare Group
Performance |
| Timeline |
| JiShi Media |
| Humanwell Healthcare |
JiShi Media and Humanwell Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Humanwell Healthcare
The main advantage of trading using opposite JiShi Media and Humanwell Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Humanwell 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 Humanwell Healthcare will offset losses from the drop in Humanwell Healthcare's long position.| JiShi Media vs. Allgens Medical Technology | JiShi Media vs. Shandong Intco Medical | JiShi Media vs. XiaMen HongXin Electron tech | JiShi Media vs. Double Medical Technology |
| Humanwell Healthcare vs. Ming Yang Smart | Humanwell Healthcare vs. 159681 | Humanwell Healthcare vs. 159005 | Humanwell Healthcare vs. Loctek Ergonomic Technology |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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