Correlation Between PKU HealthCare and By Health
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By analyzing existing cross correlation between PKU HealthCare Corp and By health, you can compare the effects of market volatilities on PKU HealthCare 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 PKU HealthCare with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of PKU HealthCare and By Health.
Diversification Opportunities for PKU HealthCare and By Health
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between PKU and 300146 is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding PKU HealthCare Corp and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and PKU HealthCare 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 PKU HealthCare Corp 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 PKU HealthCare i.e., PKU HealthCare and By Health go up and down completely randomly.
Pair Corralation between PKU HealthCare and By Health
Assuming the 90 days trading horizon PKU HealthCare Corp is expected to generate 1.36 times more return on investment than By Health. However, PKU HealthCare is 1.36 times more volatile than By health. It trades about 0.04 of its potential returns per unit of risk. By health is currently generating about -0.15 per unit of risk. If you would invest 650.00 in PKU HealthCare Corp on September 12, 2024 and sell it today you would earn a total of 10.00 from holding PKU HealthCare Corp or generate 1.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
PKU HealthCare Corp vs. By health
Performance |
Timeline |
PKU HealthCare Corp |
By health |
PKU HealthCare and By Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with PKU HealthCare and By Health
The main advantage of trading using opposite PKU HealthCare and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PKU HealthCare 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.PKU HealthCare vs. Cultural Investment Holdings | PKU HealthCare vs. Gome Telecom Equipment | PKU HealthCare vs. Holitech Technology Co | PKU HealthCare vs. Zotye Automobile Co |
By Health vs. China Petroleum Chemical | By Health vs. PetroChina Co Ltd | By Health vs. China State Construction | By Health 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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