Correlation Between Dow Jones and By Health
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By analyzing existing cross correlation between Dow Jones Industrial and By health, you can compare the effects of market volatilities on Dow Jones 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 Dow Jones with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dow Jones and By Health.
Diversification Opportunities for Dow Jones and By Health
Very weak diversification
The 3 months correlation between Dow and 300146 is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Dow Jones Industrial and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Dow Jones 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 Dow Jones Industrial 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 Dow Jones i.e., Dow Jones and By Health go up and down completely randomly.
Pair Corralation between Dow Jones and By Health
Assuming the 90 days trading horizon Dow Jones Industrial is expected to generate 0.45 times more return on investment than By Health. However, Dow Jones Industrial is 2.2 times less risky than By Health. It trades about 0.37 of its potential returns per unit of risk. By health is currently generating about -0.03 per unit of risk. If you would invest 4,176,346 in Dow Jones Industrial on September 1, 2024 and sell it today you would earn a total of 314,719 from holding Dow Jones Industrial or generate 7.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Dow Jones Industrial vs. By health
Performance |
| Timeline |
Dow Jones and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Dow Jones Industrial
Pair trading matchups for Dow Jones
By health
Pair trading matchups for By Health
Pair Trading with Dow Jones and By Health
The main advantage of trading using opposite Dow Jones and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dow Jones 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.| Dow Jones vs. Catalyst Pharmaceuticals | Dow Jones vs. Sphere Entertainment Co | Dow Jones vs. National CineMedia | Dow Jones vs. Mink Therapeutics |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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