Correlation Between Beijing Roborock and Dezhan HealthCare
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By analyzing existing cross correlation between Beijing Roborock Technology and Dezhan HealthCare Co, you can compare the effects of market volatilities on Beijing Roborock and Dezhan 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 Dezhan HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Dezhan HealthCare.
Diversification Opportunities for Beijing Roborock and Dezhan HealthCare
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Dezhan is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Dezhan HealthCare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dezhan HealthCare 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 Dezhan HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dezhan HealthCare has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Dezhan HealthCare go up and down completely randomly.
Pair Corralation between Beijing Roborock and Dezhan HealthCare
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Dezhan HealthCare. But the stock apears to be less risky and, when comparing its historical volatility, Beijing Roborock Technology is 2.12 times less risky than Dezhan HealthCare. The stock trades about -0.02 of its potential returns per unit of risk. The Dezhan HealthCare Co is currently generating about 0.38 of returns per unit of risk over similar time horizon. If you would invest 297.00 in Dezhan HealthCare Co on September 15, 2024 and sell it today you would earn a total of 165.00 from holding Dezhan HealthCare Co or generate 55.56% 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. Dezhan HealthCare Co
Performance |
| Timeline |
| Beijing Roborock Tec |
| Dezhan HealthCare |
Beijing Roborock and Dezhan HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Dezhan HealthCare
The main advantage of trading using opposite Beijing Roborock and Dezhan HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Dezhan 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 Dezhan HealthCare will offset losses from the drop in Dezhan HealthCare's long position.| Beijing Roborock vs. Pengxin International Mining | Beijing Roborock vs. Shenzhen Silver Basis | Beijing Roborock vs. Allgens Medical Technology | Beijing Roborock vs. Huatian Hotel Group |
| Dezhan HealthCare vs. BeiGene | Dezhan HealthCare vs. Kweichow Moutai Co | Dezhan HealthCare vs. Beijing Roborock Technology | Dezhan HealthCare vs. G bits Network Technology |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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