Correlation Between Wuhan Hvsen and Changchun High
Specify exactly 2 symbols:
By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and Changchun High New, you can compare the effects of market volatilities on Wuhan Hvsen and Changchun High 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 Wuhan Hvsen with a short position of Changchun High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and Changchun High.
Diversification Opportunities for Wuhan Hvsen and Changchun High
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Wuhan and Changchun is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology and Changchun High New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun High New and Wuhan Hvsen 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 Wuhan Hvsen Biotechnology are associated (or correlated) with Changchun High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun High New has no effect on the direction of Wuhan Hvsen i.e., Wuhan Hvsen and Changchun High go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and Changchun High
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to generate 1.16 times more return on investment than Changchun High. However, Wuhan Hvsen is 1.16 times more volatile than Changchun High New. It trades about 0.11 of its potential returns per unit of risk. Changchun High New is currently generating about 0.07 per unit of risk. If you would invest 883.00 in Wuhan Hvsen Biotechnology on September 26, 2024 and sell it today you would earn a total of 191.00 from holding Wuhan Hvsen Biotechnology or generate 21.63% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. Changchun High New
Performance |
Timeline |
Wuhan Hvsen Biotechnology |
Changchun High New |
Wuhan Hvsen and Changchun High Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Wuhan Hvsen and Changchun High
The main advantage of trading using opposite Wuhan Hvsen and Changchun High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen position performs unexpectedly, Changchun High 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 Changchun High will offset losses from the drop in Changchun High's long position.Wuhan Hvsen vs. Industrial and Commercial | Wuhan Hvsen vs. Agricultural Bank of | Wuhan Hvsen vs. China Construction Bank | Wuhan Hvsen vs. Bank of China |
Changchun High vs. Agricultural Bank of | Changchun High vs. Industrial and Commercial | Changchun High vs. Bank of China | Changchun High vs. China Construction Bank |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |