Correlation Between Healthcare and Hithink RoyalFlush
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By analyzing existing cross correlation between Healthcare Co and Hithink RoyalFlush Info, you can compare the effects of market volatilities on Healthcare and Hithink RoyalFlush 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 Healthcare with a short position of Hithink RoyalFlush. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare and Hithink RoyalFlush.
Diversification Opportunities for Healthcare and Hithink RoyalFlush
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Healthcare and Hithink is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Co and Hithink RoyalFlush Info in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hithink RoyalFlush Info and Healthcare 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 Healthcare Co are associated (or correlated) with Hithink RoyalFlush. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hithink RoyalFlush Info has no effect on the direction of Healthcare i.e., Healthcare and Hithink RoyalFlush go up and down completely randomly.
Pair Corralation between Healthcare and Hithink RoyalFlush
Assuming the 90 days trading horizon Healthcare Co is expected to under-perform the Hithink RoyalFlush. But the stock apears to be less risky and, when comparing its historical volatility, Healthcare Co is 1.76 times less risky than Hithink RoyalFlush. The stock trades about -0.05 of its potential returns per unit of risk. The Hithink RoyalFlush Info is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 28,760 in Hithink RoyalFlush Info on November 29, 2024 and sell it today you would earn a total of 3,673 from holding Hithink RoyalFlush Info or generate 12.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Healthcare Co vs. Hithink RoyalFlush Info
Performance |
| Timeline |
| Healthcare |
| Hithink RoyalFlush Info |
Healthcare and Hithink RoyalFlush Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Healthcare and Hithink RoyalFlush
The main advantage of trading using opposite Healthcare and Hithink RoyalFlush positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare position performs unexpectedly, Hithink RoyalFlush 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 Hithink RoyalFlush will offset losses from the drop in Hithink RoyalFlush's long position.| Healthcare vs. Southern PublishingMedia Co | Healthcare vs. Sichuan Newsnet Media | Healthcare vs. Zhejiang Daily Media | Healthcare vs. Anhui Xinhua Media |
| Hithink RoyalFlush vs. Jinling Hotel Corp | Hithink RoyalFlush vs. Heilongjiang Transport Development | Hithink RoyalFlush vs. Henan Shuanghui Investment | Hithink RoyalFlush vs. Tieling Newcity Investment |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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