Correlation Between Healthcare and Xinya Electronic
Specify exactly 2 symbols:
By analyzing existing cross correlation between Healthcare Co and Xinya Electronic Co, you can compare the effects of market volatilities on Healthcare and Xinya Electronic 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 Healthcare with a short position of Xinya Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare and Xinya Electronic.
Diversification Opportunities for Healthcare and Xinya Electronic
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Healthcare and Xinya is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Co and Xinya Electronic Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinya Electronic and 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 Healthcare Co are associated (or correlated) with Xinya Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinya Electronic has no effect on the direction of Healthcare i.e., Healthcare and Xinya Electronic go up and down completely randomly.
Pair Corralation between Healthcare and Xinya Electronic
Assuming the 90 days trading horizon Healthcare is expected to generate 1.11 times less return on investment than Xinya Electronic. In addition to that, Healthcare is 1.14 times more volatile than Xinya Electronic Co. It trades about 0.12 of its total potential returns per unit of risk. Xinya Electronic Co is currently generating about 0.16 per unit of volatility. If you would invest 1,162 in Xinya Electronic Co on September 24, 2024 and sell it today you would earn a total of 334.00 from holding Xinya Electronic Co or generate 28.74% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Healthcare Co vs. Xinya Electronic Co
Performance |
Timeline |
Healthcare |
Xinya Electronic |
Healthcare and Xinya Electronic Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Healthcare and Xinya Electronic
The main advantage of trading using opposite Healthcare and Xinya Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare position performs unexpectedly, Xinya Electronic 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 Xinya Electronic will offset losses from the drop in Xinya Electronic's long position.Healthcare vs. Agricultural Bank of | Healthcare vs. Industrial and Commercial | Healthcare vs. Bank of China | Healthcare vs. China Construction Bank |
Xinya Electronic vs. Kweichow Moutai Co | Xinya Electronic vs. Contemporary Amperex Technology | Xinya Electronic vs. G bits Network Technology | Xinya Electronic vs. BYD Co Ltd |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Global Correlations Find global opportunities by holding instruments from different markets |