Correlation Between China Publishing and Heren Health
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By analyzing existing cross correlation between China Publishing Media and Heren Health Co, you can compare the effects of market volatilities on China Publishing 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 China Publishing with a short position of Heren Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Publishing and Heren Health.
Diversification Opportunities for China Publishing and Heren Health
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between China and Heren is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding China Publishing Media and Heren Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heren Health and China Publishing 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 China Publishing Media 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 China Publishing i.e., China Publishing and Heren Health go up and down completely randomly.
Pair Corralation between China Publishing and Heren Health
Assuming the 90 days trading horizon China Publishing Media is expected to generate 0.49 times more return on investment than Heren Health. However, China Publishing Media is 2.06 times less risky than Heren Health. It trades about -0.07 of its potential returns per unit of risk. Heren Health Co is currently generating about -0.07 per unit of risk. If you would invest 718.00 in China Publishing Media on November 1, 2024 and sell it today you would lose (22.00) from holding China Publishing Media 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 |
China Publishing Media vs. Heren Health Co
Performance |
| Timeline |
| China Publishing Media |
| Heren Health |
China Publishing and Heren Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Publishing and Heren Health
The main advantage of trading using opposite China Publishing and Heren Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Publishing 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.| China Publishing vs. Linewell Software Co | China Publishing vs. Xinhua Winshare Publishing | China Publishing vs. Dhc Software Co | China Publishing vs. CGN Nuclear Technology |
| Heren Health vs. Tangel Publishing | Heren Health vs. Cabio Biotech Wuhan | Heren Health vs. China Publishing Media | Heren Health vs. COL Digital Publishing |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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