Correlation Between Anhui Transport and By Health
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By analyzing existing cross correlation between Anhui Transport Consulting and By health, you can compare the effects of market volatilities on Anhui Transport and By 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 Anhui Transport with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Transport and By Health.
Diversification Opportunities for Anhui Transport and By Health
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anhui and 300146 is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Transport Consulting and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Anhui Transport 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 Anhui Transport Consulting are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Anhui Transport i.e., Anhui Transport and By Health go up and down completely randomly.
Pair Corralation between Anhui Transport and By Health
Assuming the 90 days trading horizon Anhui Transport Consulting is expected to generate 1.13 times more return on investment than By Health. However, Anhui Transport is 1.13 times more volatile than By health. It trades about 0.1 of its potential returns per unit of risk. By health is currently generating about -0.03 per unit of risk. If you would invest 938.00 in Anhui Transport Consulting on September 1, 2024 and sell it today you would earn a total of 45.00 from holding Anhui Transport Consulting or generate 4.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Transport Consulting vs. By health
Performance |
| Timeline |
| Anhui Transport Cons |
| By health |
Anhui Transport and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Transport and By Health
The main advantage of trading using opposite Anhui Transport and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Transport position performs unexpectedly, By 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 By Health will offset losses from the drop in By Health's long position.| Anhui Transport vs. Biwin Storage Technology | Anhui Transport vs. PetroChina Co Ltd | Anhui Transport vs. Industrial and Commercial | Anhui Transport vs. China Construction Bank |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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