Correlation Between Healthcare and Thinkingdom Media
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By analyzing existing cross correlation between Healthcare Co and Thinkingdom Media Group, you can compare the effects of market volatilities on Healthcare and Thinkingdom Media 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare and Thinkingdom Media.
Diversification Opportunities for Healthcare and Thinkingdom Media
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Healthcare and Thinkingdom is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Co and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Healthcare i.e., Healthcare and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Healthcare and Thinkingdom Media
Assuming the 90 days trading horizon Healthcare Co is expected to generate 0.77 times more return on investment than Thinkingdom Media. However, Healthcare Co is 1.3 times less risky than Thinkingdom Media. It trades about -0.09 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about -0.08 per unit of risk. If you would invest 739.00 in Healthcare Co on October 30, 2024 and sell it today you would lose (73.00) from holding Healthcare Co or give up 9.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Healthcare Co vs. Thinkingdom Media Group
Performance |
| Timeline |
| Healthcare |
| Thinkingdom Media |
Healthcare and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Healthcare and Thinkingdom Media
The main advantage of trading using opposite Healthcare and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media'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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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