Correlation Between Visa and By Health
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By analyzing existing cross correlation between Visa Class A and By health, you can compare the effects of market volatilities on Visa 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 Visa with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Visa and By Health.
Diversification Opportunities for Visa and By Health
Weak diversification
The 3 months correlation between Visa and 300146 is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Visa Class A and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Visa 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 Visa Class A 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 Visa i.e., Visa and By Health go up and down completely randomly.
Pair Corralation between Visa and By Health
Taking into account the 90-day investment horizon Visa Class A is expected to generate 0.45 times more return on investment than By Health. However, Visa Class A is 2.23 times less risky than By Health. It trades about 0.1 of its potential returns per unit of risk. By health is currently generating about -0.05 per unit of risk. If you would invest 26,706 in Visa Class A on August 28, 2024 and sell it today you would earn a total of 4,476 from holding Visa Class A or generate 16.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Visa Class A vs. By health
Performance |
| Timeline |
| Visa Class A |
| By health |
Visa and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Visa and By Health
The main advantage of trading using opposite Visa and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Visa 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.| Visa vs. American Express | Visa vs. Morningstar Unconstrained Allocation | Visa vs. Sitka Gold Corp | Visa vs. MSCI ACWI exAUCONSUMER |
| By Health vs. Winner Medical Co | By Health vs. Cowealth Medical China | By Health vs. Ningbo MedicalSystem Biotechnology | By Health vs. Tsingtao Brewery 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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