Correlation Between Healthcare and Ming Yang
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By analyzing existing cross correlation between Healthcare Co and Ming Yang Smart, you can compare the effects of market volatilities on Healthcare and Ming Yang 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 Ming Yang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare and Ming Yang.
Diversification Opportunities for Healthcare and Ming Yang
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Healthcare and Ming is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Co and Ming Yang Smart in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ming Yang Smart 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 Ming Yang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ming Yang Smart has no effect on the direction of Healthcare i.e., Healthcare and Ming Yang go up and down completely randomly.
Pair Corralation between Healthcare and Ming Yang
Assuming the 90 days trading horizon Healthcare Co is expected to under-perform the Ming Yang. But the stock apears to be less risky and, when comparing its historical volatility, Healthcare Co is 1.1 times less risky than Ming Yang. The stock trades about -0.01 of its potential returns per unit of risk. The Ming Yang Smart is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,252 in Ming Yang Smart on September 27, 2024 and sell it today you would earn a total of 30.00 from holding Ming Yang Smart or generate 2.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Healthcare Co vs. Ming Yang Smart
Performance |
| Timeline |
| Healthcare |
| Ming Yang Smart |
Healthcare and Ming Yang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Healthcare and Ming Yang
The main advantage of trading using opposite Healthcare and Ming Yang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare position performs unexpectedly, Ming Yang 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 Ming Yang will offset losses from the drop in Ming Yang's long position.| Healthcare vs. Sihui Fuji Electronics | Healthcare vs. Longjian Road Bridge | Healthcare vs. Zhengping RoadBridge Constr | Healthcare vs. Zhongshan Broad Ocean Motor |
| Ming Yang vs. Healthcare Co | Ming Yang vs. Sanbo Hospital Management | Ming Yang vs. Everjoy Health Group | Ming Yang vs. Huaxia Eye Hospital |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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