Correlation Between Genfit and Huaizhong Health
Can any of the company-specific risk be diversified away by investing in both Genfit and Huaizhong Health at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Genfit and Huaizhong Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genfit and Huaizhong Health Group, you can compare the effects of market volatilities on Genfit and Huaizhong 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 Genfit with a short position of Huaizhong Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genfit and Huaizhong Health.
Diversification Opportunities for Genfit and Huaizhong Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genfit and Huaizhong is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Genfit and Huaizhong Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaizhong Health and Genfit 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 Genfit are associated (or correlated) with Huaizhong Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaizhong Health has no effect on the direction of Genfit i.e., Genfit and Huaizhong Health go up and down completely randomly.
Pair Corralation between Genfit and Huaizhong Health
If you would invest 356.00 in Genfit on November 3, 2024 and sell it today you would earn a total of 17.00 from holding Genfit or generate 4.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Genfit vs. Huaizhong Health Group
Performance |
| Timeline |
| Genfit |
| Huaizhong Health |
Genfit and Huaizhong Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genfit and Huaizhong Health
The main advantage of trading using opposite Genfit and Huaizhong Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genfit position performs unexpectedly, Huaizhong 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 Huaizhong Health will offset losses from the drop in Huaizhong Health's long position.| Genfit vs. HCW Biologics | Genfit vs. Molecular Partners AG | Genfit vs. MediciNova | Genfit vs. Anebulo Pharmaceuticals |
| Huaizhong Health vs. Senmiao Technology | Huaizhong Health vs. Alignment Healthcare LLC | Huaizhong Health vs. Allient | Huaizhong Health vs. Kinsale Capital 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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