Correlation Between Nanjing Vishee and Hengkang Medical
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By analyzing existing cross correlation between Nanjing Vishee Medical and Hengkang Medical Group, you can compare the effects of market volatilities on Nanjing Vishee and Hengkang Medical 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 Nanjing Vishee with a short position of Hengkang Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Vishee and Hengkang Medical.
Diversification Opportunities for Nanjing Vishee and Hengkang Medical
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Nanjing and Hengkang is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Vishee Medical and Hengkang Medical Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hengkang Medical and Nanjing Vishee 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 Nanjing Vishee Medical are associated (or correlated) with Hengkang Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hengkang Medical has no effect on the direction of Nanjing Vishee i.e., Nanjing Vishee and Hengkang Medical go up and down completely randomly.
Pair Corralation between Nanjing Vishee and Hengkang Medical
Assuming the 90 days trading horizon Nanjing Vishee Medical is expected to generate 0.91 times more return on investment than Hengkang Medical. However, Nanjing Vishee Medical is 1.1 times less risky than Hengkang Medical. It trades about -0.03 of its potential returns per unit of risk. Hengkang Medical Group is currently generating about -0.09 per unit of risk. If you would invest 2,735 in Nanjing Vishee Medical on November 3, 2024 and sell it today you would lose (33.00) from holding Nanjing Vishee Medical or give up 1.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing Vishee Medical vs. Hengkang Medical Group
Performance |
| Timeline |
| Nanjing Vishee Medical |
| Hengkang Medical |
Nanjing Vishee and Hengkang Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Vishee and Hengkang Medical
The main advantage of trading using opposite Nanjing Vishee and Hengkang Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Vishee position performs unexpectedly, Hengkang Medical 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 Hengkang Medical will offset losses from the drop in Hengkang Medical's long position.| Nanjing Vishee vs. Industrial and Commercial | Nanjing Vishee vs. China Construction Bank | Nanjing Vishee vs. Agricultural Bank of | Nanjing Vishee vs. Bank of China |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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