Correlation Between ROPEOK Technology and By Health
Specify exactly 2 symbols:
By analyzing existing cross correlation between ROPEOK Technology Group and By health, you can compare the effects of market volatilities on ROPEOK Technology and By Health 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 ROPEOK Technology with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of ROPEOK Technology and By Health.
Diversification Opportunities for ROPEOK Technology and By Health
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between ROPEOK and 300146 is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding ROPEOK Technology Group and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and ROPEOK Technology 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 ROPEOK Technology Group are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of ROPEOK Technology i.e., ROPEOK Technology and By Health go up and down completely randomly.
Pair Corralation between ROPEOK Technology and By Health
Assuming the 90 days trading horizon ROPEOK Technology Group is expected to generate 1.95 times more return on investment than By Health. However, ROPEOK Technology is 1.95 times more volatile than By health. It trades about 0.0 of its potential returns per unit of risk. By health is currently generating about -0.06 per unit of risk. If you would invest 1,180 in ROPEOK Technology Group on October 14, 2024 and sell it today you would lose (381.00) from holding ROPEOK Technology Group or give up 32.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ROPEOK Technology Group vs. By health
Performance |
| Timeline |
| ROPEOK Technology |
| By health |
ROPEOK Technology and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ROPEOK Technology and By Health
The main advantage of trading using opposite ROPEOK Technology and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ROPEOK Technology position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| ROPEOK Technology vs. China Life Insurance | ROPEOK Technology vs. Cinda Securities Co | ROPEOK Technology vs. Piotech Inc A | ROPEOK Technology vs. Dongxing Sec Co |
| By Health vs. China Publishing Media | By Health vs. Iat Automobile Technology | By Health vs. ROPEOK Technology Group | By Health vs. Maxvision Technology Corp |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |