Correlation Between Xian International and Chison Medical
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By analyzing existing cross correlation between Xian International Medical and Chison Medical Technologies, you can compare the effects of market volatilities on Xian International and Chison Medical 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 Xian International with a short position of Chison Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xian International and Chison Medical.
Diversification Opportunities for Xian International and Chison Medical
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xian and Chison is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Xian International Medical and Chison Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chison Medical Techn and Xian International 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 Xian International Medical are associated (or correlated) with Chison Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chison Medical Techn has no effect on the direction of Xian International i.e., Xian International and Chison Medical go up and down completely randomly.
Pair Corralation between Xian International and Chison Medical
Assuming the 90 days trading horizon Xian International Medical is expected to generate 1.24 times more return on investment than Chison Medical. However, Xian International is 1.24 times more volatile than Chison Medical Technologies. It trades about 0.2 of its potential returns per unit of risk. Chison Medical Technologies is currently generating about 0.18 per unit of risk. If you would invest 528.00 in Xian International Medical on September 2, 2024 and sell it today you would earn a total of 92.00 from holding Xian International Medical or generate 17.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xian International Medical vs. Chison Medical Technologies
Performance |
| Timeline |
| Xian International |
| Chison Medical Techn |
Xian International and Chison Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xian International and Chison Medical
The main advantage of trading using opposite Xian International and Chison Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xian International position performs unexpectedly, Chison Medical 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 Chison Medical will offset losses from the drop in Chison Medical's long position.| Xian International vs. Dalian Zeus Entertainment | Xian International vs. Shenzhen Kexin Communication | Xian International vs. Threes Company Media | Xian International vs. Eastern Communications Co |
| Chison Medical vs. Nanjing Putian Telecommunications | Chison Medical vs. Shenzhen Hifuture Electric | Chison Medical vs. Tianjin Realty Development | Chison Medical vs. Shenyang Huitian Thermal |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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