Correlation Between Xiangyu Medical and Hangzhou Coco
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By analyzing existing cross correlation between Xiangyu Medical Co and Hangzhou Coco Healthcare, you can compare the effects of market volatilities on Xiangyu Medical and Hangzhou Coco 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 Hangzhou Coco. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Hangzhou Coco.
Diversification Opportunities for Xiangyu Medical and Hangzhou Coco
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xiangyu and Hangzhou is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Hangzhou Coco Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Coco Healthcare 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 Hangzhou Coco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Coco Healthcare has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Hangzhou Coco go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Hangzhou Coco
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to under-perform the Hangzhou Coco. In addition to that, Xiangyu Medical is 1.18 times more volatile than Hangzhou Coco Healthcare. It trades about -0.03 of its total potential returns per unit of risk. Hangzhou Coco Healthcare is currently generating about 0.1 per unit of volatility. If you would invest 942.00 in Hangzhou Coco Healthcare on September 12, 2024 and sell it today you would earn a total of 53.00 from holding Hangzhou Coco Healthcare or generate 5.63% 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. Hangzhou Coco Healthcare
Performance |
| Timeline |
| Xiangyu Medical |
| Hangzhou Coco Healthcare |
Xiangyu Medical and Hangzhou Coco Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Hangzhou Coco
The main advantage of trading using opposite Xiangyu Medical and Hangzhou Coco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Hangzhou Coco 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 Hangzhou Coco will offset losses from the drop in Hangzhou Coco'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 |
| Hangzhou Coco vs. China Petroleum Chemical | Hangzhou Coco vs. PetroChina Co Ltd | Hangzhou Coco vs. China State Construction | Hangzhou Coco vs. China Railway Group |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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