Correlation Between Cowealth Medical and HaiXin Foods
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By analyzing existing cross correlation between Cowealth Medical China and HaiXin Foods Co, you can compare the effects of market volatilities on Cowealth Medical and HaiXin Foods 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 HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cowealth Medical and HaiXin Foods.
Diversification Opportunities for Cowealth Medical and HaiXin Foods
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cowealth and HaiXin is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Cowealth Medical China and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods 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 HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Cowealth Medical i.e., Cowealth Medical and HaiXin Foods go up and down completely randomly.
Pair Corralation between Cowealth Medical and HaiXin Foods
Assuming the 90 days trading horizon Cowealth Medical China is expected to under-perform the HaiXin Foods. But the stock apears to be less risky and, when comparing its historical volatility, Cowealth Medical China is 1.72 times less risky than HaiXin Foods. The stock trades about -0.04 of its potential returns per unit of risk. The HaiXin Foods Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 403.00 in HaiXin Foods Co on October 16, 2024 and sell it today you would earn a total of 25.00 from holding HaiXin Foods Co or generate 6.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cowealth Medical China vs. HaiXin Foods Co
Performance |
| Timeline |
| Cowealth Medical China |
| HaiXin Foods |
Cowealth Medical and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cowealth Medical and HaiXin Foods
The main advantage of trading using opposite Cowealth Medical and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cowealth Medical position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Cowealth Medical vs. CICC Fund Management | Cowealth Medical vs. Hengli Petrochemical Co | Cowealth Medical vs. Lander Sports Development | Cowealth Medical vs. Jiangsu Financial Leasing |
| HaiXin Foods vs. Winner Medical Co | HaiXin Foods vs. Xinjiang Beixin RoadBridge | HaiXin Foods vs. Touchstone International Medical | HaiXin Foods vs. Cowealth Medical China |
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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