Correlation Between Beijing Roborock and PKU HealthCare
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and PKU HealthCare Corp, you can compare the effects of market volatilities on Beijing Roborock 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 Beijing Roborock with a short position of PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and PKU HealthCare.
Diversification Opportunities for Beijing Roborock and PKU HealthCare
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and PKU is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology 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 Beijing Roborock 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 Beijing Roborock Technology 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 Beijing Roborock i.e., Beijing Roborock and PKU HealthCare go up and down completely randomly.
Pair Corralation between Beijing Roborock and PKU HealthCare
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 0.6 times more return on investment than PKU HealthCare. However, Beijing Roborock Technology is 1.67 times less risky than PKU HealthCare. It trades about 0.16 of its potential returns per unit of risk. PKU HealthCare Corp is currently generating about -0.17 per unit of risk. If you would invest 21,822 in Beijing Roborock Technology on October 20, 2024 and sell it today you would earn a total of 1,888 from holding Beijing Roborock Technology or generate 8.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. PKU HealthCare Corp
Performance |
| Timeline |
| Beijing Roborock Tec |
| PKU HealthCare Corp |
Beijing Roborock and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and PKU HealthCare
The main advantage of trading using opposite Beijing Roborock and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock 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.| Beijing Roborock vs. Sportsoul Co Ltd | Beijing Roborock vs. Shanghai Yaoji Playing | Beijing Roborock vs. Kangping Technology Co | Beijing Roborock vs. Holitech Technology Co |
| PKU HealthCare vs. Fiberhome Telecommunication Technologies | PKU HealthCare vs. Markor International Home | PKU HealthCare vs. Easyhome New Retail | PKU HealthCare vs. AUPU Home Style |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |