Correlation Between Healthcare and Youngy Health
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By analyzing existing cross correlation between Healthcare Co and Youngy Health Co, you can compare the effects of market volatilities on Healthcare and Youngy 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 Healthcare with a short position of Youngy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare and Youngy Health.
Diversification Opportunities for Healthcare and Youngy Health
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Healthcare and Youngy is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Co and Youngy Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Youngy Health 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 Youngy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Youngy Health has no effect on the direction of Healthcare i.e., Healthcare and Youngy Health go up and down completely randomly.
Pair Corralation between Healthcare and Youngy Health
Assuming the 90 days trading horizon Healthcare Co is expected to under-perform the Youngy Health. But the stock apears to be less risky and, when comparing its historical volatility, Healthcare Co is 1.21 times less risky than Youngy Health. The stock trades about -0.04 of its potential returns per unit of risk. The Youngy Health Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 390.00 in Youngy Health Co on October 25, 2024 and sell it today you would lose (40.00) from holding Youngy Health Co or give up 10.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Healthcare Co vs. Youngy Health Co
Performance |
| Timeline |
| Healthcare |
| Youngy Health |
Healthcare and Youngy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Healthcare and Youngy Health
The main advantage of trading using opposite Healthcare and Youngy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare position performs unexpectedly, Youngy 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 Youngy Health will offset losses from the drop in Youngy Health's long position.| Healthcare vs. Cloud Live Technology | Healthcare vs. Nanjing Putian Telecommunications | Healthcare vs. Shenzhen Coship Electronics | Healthcare vs. Shenzhen Hifuture Electric |
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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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