Correlation Between Cowealth Medical and Huatian Hotel
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By analyzing existing cross correlation between Cowealth Medical China and Huatian Hotel Group, you can compare the effects of market volatilities on Cowealth Medical and Huatian Hotel 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 Cowealth Medical with a short position of Huatian Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cowealth Medical and Huatian Hotel.
Diversification Opportunities for Cowealth Medical and Huatian Hotel
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cowealth and Huatian is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Cowealth Medical China and Huatian Hotel Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huatian Hotel Group and Cowealth Medical 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 Cowealth Medical China are associated (or correlated) with Huatian Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huatian Hotel Group has no effect on the direction of Cowealth Medical i.e., Cowealth Medical and Huatian Hotel go up and down completely randomly.
Pair Corralation between Cowealth Medical and Huatian Hotel
Assuming the 90 days trading horizon Cowealth Medical China is expected to generate 1.16 times more return on investment than Huatian Hotel. However, Cowealth Medical is 1.16 times more volatile than Huatian Hotel Group. It trades about 0.0 of its potential returns per unit of risk. Huatian Hotel Group is currently generating about -0.02 per unit of risk. If you would invest 817.00 in Cowealth Medical China on October 30, 2024 and sell it today you would lose (130.00) from holding Cowealth Medical China or give up 15.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cowealth Medical China vs. Huatian Hotel Group
Performance |
| Timeline |
| Cowealth Medical China |
| Huatian Hotel Group |
Cowealth Medical and Huatian Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cowealth Medical and Huatian Hotel
The main advantage of trading using opposite Cowealth Medical and Huatian Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cowealth Medical position performs unexpectedly, Huatian Hotel 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 Huatian Hotel will offset losses from the drop in Huatian Hotel's long position.| Cowealth Medical vs. Road Environment Technology | Cowealth Medical vs. Tianjin Hi Tech Development | Cowealth Medical vs. Heilongjiang Transport Development | Cowealth Medical vs. Shaanxi Broadcast TV |
| Huatian Hotel vs. Sharetronic Data Technology | Huatian Hotel vs. Anhui Jinhe Industrial | Huatian Hotel vs. Sinocelltech Group | Huatian Hotel vs. Cabio Biotech Wuhan |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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