Correlation Between Xiangyu Medical and HanS Laser
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By analyzing existing cross correlation between Xiangyu Medical Co and HanS Laser Tech, you can compare the effects of market volatilities on Xiangyu Medical and HanS Laser 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 Xiangyu Medical with a short position of HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and HanS Laser.
Diversification Opportunities for Xiangyu Medical and HanS Laser
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xiangyu and HanS is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech and Xiangyu Medical 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 Xiangyu Medical Co are associated (or correlated) with HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and HanS Laser go up and down completely randomly.
Pair Corralation between Xiangyu Medical and HanS Laser
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to under-perform the HanS Laser. In addition to that, Xiangyu Medical is 1.32 times more volatile than HanS Laser Tech. It trades about -0.03 of its total potential returns per unit of risk. HanS Laser Tech is currently generating about 0.06 per unit of volatility. If you would invest 2,002 in HanS Laser Tech on September 12, 2024 and sell it today you would earn a total of 708.00 from holding HanS Laser Tech or generate 35.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. HanS Laser Tech
Performance |
| Timeline |
| Xiangyu Medical |
| HanS Laser Tech |
Xiangyu Medical and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and HanS Laser
The main advantage of trading using opposite Xiangyu Medical and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| Xiangyu Medical vs. Cultural Investment Holdings | Xiangyu Medical vs. Gome Telecom Equipment | Xiangyu Medical vs. Holitech Technology Co | Xiangyu Medical vs. Zotye Automobile Co |
| HanS Laser vs. Agricultural Bank of | HanS Laser vs. Industrial and Commercial | HanS Laser vs. Bank of China | HanS Laser vs. PetroChina Co Ltd |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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