Correlation Between Xiangyu Medical and Heren Health
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By analyzing existing cross correlation between Xiangyu Medical Co and Heren Health Co, you can compare the effects of market volatilities on Xiangyu Medical and Heren 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 Xiangyu Medical with a short position of Heren Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Heren Health.
Diversification Opportunities for Xiangyu Medical and Heren Health
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xiangyu and Heren is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Heren Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heren Health 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 Heren Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heren Health has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Heren Health go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Heren Health
Assuming the 90 days trading horizon Xiangyu Medical is expected to generate 9.18 times less return on investment than Heren Health. But when comparing it to its historical volatility, Xiangyu Medical Co is 1.2 times less risky than Heren Health. It trades about 0.0 of its potential returns per unit of risk. Heren Health Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,478 in Heren Health Co on October 31, 2024 and sell it today you would lose (70.00) from holding Heren Health Co or give up 4.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Heren Health Co
Performance |
| Timeline |
| Xiangyu Medical |
| Heren Health |
Xiangyu Medical and Heren Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Heren Health
The main advantage of trading using opposite Xiangyu Medical and Heren Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Heren 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 Heren Health will offset losses from the drop in Heren Health's long position.| Xiangyu Medical vs. Hubei Yihua Chemical | Xiangyu Medical vs. Holitech Technology Co | Xiangyu Medical vs. ROPEOK Technology Group | Xiangyu Medical vs. Liuzhou Chemical Industry |
| Heren Health vs. China Life Insurance | Heren Health vs. Cinda Securities Co | Heren Health vs. Piotech Inc A | Heren Health vs. Dongxing Sec Co |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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