Correlation Between Healthcare and Camel Group
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By analyzing existing cross correlation between Healthcare Co and Camel Group Co, you can compare the effects of market volatilities on Healthcare and Camel Group 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 Camel Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare and Camel Group.
Diversification Opportunities for Healthcare and Camel Group
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Healthcare and Camel is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Co and Camel Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Camel Group 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 Camel Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Camel Group has no effect on the direction of Healthcare i.e., Healthcare and Camel Group go up and down completely randomly.
Pair Corralation between Healthcare and Camel Group
Assuming the 90 days trading horizon Healthcare Co is expected to under-perform the Camel Group. In addition to that, Healthcare is 1.36 times more volatile than Camel Group Co. It trades about -0.03 of its total potential returns per unit of risk. Camel Group Co is currently generating about 0.0 per unit of volatility. If you would invest 888.00 in Camel Group Co on August 24, 2024 and sell it today you would lose (25.00) from holding Camel Group Co or give up 2.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Healthcare Co vs. Camel Group Co
Performance |
| Timeline |
| Healthcare |
| Camel Group |
Healthcare and Camel Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Healthcare and Camel Group
The main advantage of trading using opposite Healthcare and Camel Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare position performs unexpectedly, Camel Group 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 Camel Group will offset losses from the drop in Camel Group's long position.| Healthcare vs. Tianshan Aluminum Group | Healthcare vs. Shandong Hongchuang Aluminum | Healthcare vs. Hangzhou Pinming Software | Healthcare vs. Aluminum Corp of |
| Camel Group vs. Der International Home | Camel Group vs. Nanxing Furniture Machinery | Camel Group vs. Healthcare Co | Camel Group vs. Zoy Home Furnishing |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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