Correlation Between Lander Sports and Allmed Medical
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By analyzing existing cross correlation between Lander Sports Development and Allmed Medical Products, you can compare the effects of market volatilities on Lander Sports and Allmed 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 Lander Sports with a short position of Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Allmed Medical.
Diversification Opportunities for Lander Sports and Allmed Medical
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Lander and Allmed is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Allmed Medical Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allmed Medical Products and Lander Sports 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 Lander Sports Development are associated (or correlated) with Allmed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allmed Medical Products has no effect on the direction of Lander Sports i.e., Lander Sports and Allmed Medical go up and down completely randomly.
Pair Corralation between Lander Sports and Allmed Medical
Assuming the 90 days trading horizon Lander Sports Development is expected to under-perform the Allmed Medical. But the stock apears to be less risky and, when comparing its historical volatility, Lander Sports Development is 1.26 times less risky than Allmed Medical. The stock trades about -0.04 of its potential returns per unit of risk. The Allmed Medical Products is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 846.00 in Allmed Medical Products on September 1, 2024 and sell it today you would earn a total of 54.00 from holding Allmed Medical Products or generate 6.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lander Sports Development vs. Allmed Medical Products
Performance |
| Timeline |
| Lander Sports Development |
| Allmed Medical Products |
Lander Sports and Allmed Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lander Sports and Allmed Medical
The main advantage of trading using opposite Lander Sports and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Allmed 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 Allmed Medical will offset losses from the drop in Allmed Medical's long position.| Lander Sports vs. BeiGene | Lander Sports vs. Kweichow Moutai Co | Lander Sports vs. Beijing Roborock Technology | Lander Sports vs. G bits Network Technology |
| Allmed Medical vs. Nanjing Putian Telecommunications | Allmed Medical vs. Shenzhen Hifuture Electric | Allmed Medical vs. Tianjin Realty Development | Allmed 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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