Correlation Between Beijing Roborock and Humanwell Healthcare
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By analyzing existing cross correlation between Beijing Roborock Technology and Humanwell Healthcare Group, you can compare the effects of market volatilities on Beijing Roborock and Humanwell 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 Humanwell Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Humanwell Healthcare.
Diversification Opportunities for Beijing Roborock and Humanwell Healthcare
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Humanwell is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Humanwell Healthcare Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Humanwell 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 Humanwell Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Humanwell Healthcare has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Humanwell Healthcare go up and down completely randomly.
Pair Corralation between Beijing Roborock and Humanwell Healthcare
Assuming the 90 days trading horizon Beijing Roborock is expected to generate 2.7 times less return on investment than Humanwell Healthcare. In addition to that, Beijing Roborock is 1.64 times more volatile than Humanwell Healthcare Group. It trades about 0.0 of its total potential returns per unit of risk. Humanwell Healthcare Group is currently generating about 0.01 per unit of volatility. If you would invest 2,580 in Humanwell Healthcare Group on September 14, 2024 and sell it today you would lose (54.00) from holding Humanwell Healthcare Group or give up 2.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Humanwell Healthcare Group
Performance |
| Timeline |
| Beijing Roborock Tec |
| Humanwell Healthcare |
Beijing Roborock and Humanwell Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Humanwell Healthcare
The main advantage of trading using opposite Beijing Roborock and Humanwell Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Humanwell 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 Humanwell Healthcare will offset losses from the drop in Humanwell Healthcare's long position.| Beijing Roborock vs. Ningxia Younglight Chemicals | Beijing Roborock vs. Shenzhen SDG Information | Beijing Roborock vs. Digital China Information | Beijing Roborock vs. Ningbo Bohui Chemical |
| Humanwell Healthcare vs. BeiGene | Humanwell Healthcare vs. Kweichow Moutai Co | Humanwell Healthcare vs. Beijing Roborock Technology | Humanwell 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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