Correlation Between CareRay Digital and Hainan Mining
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By analyzing existing cross correlation between CareRay Digital Medical and Hainan Mining Co, you can compare the effects of market volatilities on CareRay Digital and Hainan Mining 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 CareRay Digital with a short position of Hainan Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Hainan Mining.
Diversification Opportunities for CareRay Digital and Hainan Mining
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CareRay and Hainan is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical and Hainan Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Mining and CareRay Digital 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 CareRay Digital Medical are associated (or correlated) with Hainan Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Mining has no effect on the direction of CareRay Digital i.e., CareRay Digital and Hainan Mining go up and down completely randomly.
Pair Corralation between CareRay Digital and Hainan Mining
Assuming the 90 days trading horizon CareRay Digital is expected to generate 2.97 times less return on investment than Hainan Mining. But when comparing it to its historical volatility, CareRay Digital Medical is 1.13 times less risky than Hainan Mining. It trades about 0.03 of its potential returns per unit of risk. Hainan Mining Co is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 724.00 in Hainan Mining Co on September 14, 2024 and sell it today you would earn a total of 35.00 from holding Hainan Mining Co or generate 4.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CareRay Digital Medical vs. Hainan Mining Co
Performance |
| Timeline |
| CareRay Digital Medical |
| Hainan Mining |
CareRay Digital and Hainan Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and Hainan Mining
The main advantage of trading using opposite CareRay Digital and Hainan Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital position performs unexpectedly, Hainan Mining 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 Hainan Mining will offset losses from the drop in Hainan Mining's long position.| CareRay Digital vs. Industrial and Commercial | CareRay Digital vs. Kweichow Moutai Co | CareRay Digital vs. Agricultural Bank of | CareRay Digital vs. China Mobile Limited |
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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