Correlation Between Yunnan Jianzhijia and PKU HealthCare
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By analyzing existing cross correlation between Yunnan Jianzhijia Health Chain and PKU HealthCare Corp, you can compare the effects of market volatilities on Yunnan Jianzhijia and PKU HealthCare 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 Yunnan Jianzhijia with a short position of PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Jianzhijia and PKU HealthCare.
Diversification Opportunities for Yunnan Jianzhijia and PKU HealthCare
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Yunnan and PKU is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Jianzhijia Health Chain and PKU HealthCare Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKU HealthCare Corp and Yunnan Jianzhijia 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 Yunnan Jianzhijia Health Chain are associated (or correlated) with PKU HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKU HealthCare Corp has no effect on the direction of Yunnan Jianzhijia i.e., Yunnan Jianzhijia and PKU HealthCare go up and down completely randomly.
Pair Corralation between Yunnan Jianzhijia and PKU HealthCare
Assuming the 90 days trading horizon Yunnan Jianzhijia Health Chain is expected to under-perform the PKU HealthCare. In addition to that, Yunnan Jianzhijia is 1.29 times more volatile than PKU HealthCare Corp. It trades about -0.04 of its total potential returns per unit of risk. PKU HealthCare Corp is currently generating about -0.02 per unit of volatility. If you would invest 898.00 in PKU HealthCare Corp on September 3, 2024 and sell it today you would lose (257.00) from holding PKU HealthCare Corp or give up 28.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yunnan Jianzhijia Health Chain vs. PKU HealthCare Corp
Performance |
| Timeline |
| Yunnan Jianzhijia |
| PKU HealthCare Corp |
Yunnan Jianzhijia and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Jianzhijia and PKU HealthCare
The main advantage of trading using opposite Yunnan Jianzhijia and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Jianzhijia position performs unexpectedly, PKU HealthCare 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 PKU HealthCare will offset losses from the drop in PKU HealthCare's long position.| Yunnan Jianzhijia vs. Beijing Wantai Biological | Yunnan Jianzhijia vs. Aluminum Corp of | Yunnan Jianzhijia vs. COL Digital Publishing | Yunnan Jianzhijia vs. Shaanxi Meineng Clean |
| PKU HealthCare vs. Chengdu Kanghua Biological | PKU HealthCare vs. Beijing Wantai Biological | PKU HealthCare vs. Suzhou Novoprotein Scientific | PKU HealthCare vs. Aluminum Corp of |
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 CEOs Directory module to screen CEOs from public companies around the world.
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