Correlation Between Huaxia Eye and Addus HomeCare
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By analyzing existing cross correlation between Huaxia Eye Hospital and Addus HomeCare, you can compare the effects of market volatilities on Huaxia Eye and Addus HomeCare 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 Huaxia Eye with a short position of Addus HomeCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huaxia Eye and Addus HomeCare.
Diversification Opportunities for Huaxia Eye and Addus HomeCare
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Huaxia and Addus is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Huaxia Eye Hospital and Addus HomeCare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Addus HomeCare and Huaxia Eye 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 Huaxia Eye Hospital are associated (or correlated) with Addus HomeCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Addus HomeCare has no effect on the direction of Huaxia Eye i.e., Huaxia Eye and Addus HomeCare go up and down completely randomly.
Pair Corralation between Huaxia Eye and Addus HomeCare
Assuming the 90 days trading horizon Huaxia Eye Hospital is expected to generate 0.81 times more return on investment than Addus HomeCare. However, Huaxia Eye Hospital is 1.24 times less risky than Addus HomeCare. It trades about -0.01 of its potential returns per unit of risk. Addus HomeCare is currently generating about -0.03 per unit of risk. If you would invest 2,080 in Huaxia Eye Hospital on August 18, 2025 and sell it today you would lose (39.00) from holding Huaxia Eye Hospital or give up 1.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 92.31% |
| Values | Daily Returns |
Huaxia Eye Hospital vs. Addus HomeCare
Performance |
| Timeline |
| Huaxia Eye Hospital |
| Addus HomeCare |
Huaxia Eye and Addus HomeCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huaxia Eye and Addus HomeCare
The main advantage of trading using opposite Huaxia Eye and Addus HomeCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huaxia Eye position performs unexpectedly, Addus HomeCare 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 Addus HomeCare will offset losses from the drop in Addus HomeCare's long position.| Huaxia Eye vs. BYD Co Ltd | Huaxia Eye vs. China Mobile Limited | Huaxia Eye vs. Agricultural Bank of | Huaxia Eye vs. Industrial and Commercial |
| Addus HomeCare vs. National HealthCare | Addus HomeCare vs. Brookdale Senior Living | Addus HomeCare vs. Ardent Health Partners, | Addus HomeCare vs. Aveanna Healthcare Holdings |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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