Correlation Between Chengdu Xingrong and Winner Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chengdu Xingrong Investment and Winner Medical Co, you can compare the effects of market volatilities on Chengdu Xingrong and Winner 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 Chengdu Xingrong with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Xingrong and Winner Medical.
Diversification Opportunities for Chengdu Xingrong and Winner Medical
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chengdu and Winner is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Xingrong Investment and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Chengdu Xingrong 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 Chengdu Xingrong Investment are associated (or correlated) with Winner Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical has no effect on the direction of Chengdu Xingrong i.e., Chengdu Xingrong and Winner Medical go up and down completely randomly.
Pair Corralation between Chengdu Xingrong and Winner Medical
Assuming the 90 days trading horizon Chengdu Xingrong Investment is expected to under-perform the Winner Medical. But the stock apears to be less risky and, when comparing its historical volatility, Chengdu Xingrong Investment is 1.75 times less risky than Winner Medical. The stock trades about -0.23 of its potential returns per unit of risk. The Winner Medical Co is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 3,326 in Winner Medical Co on September 12, 2024 and sell it today you would earn a total of 394.00 from holding Winner Medical Co or generate 11.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Xingrong Investment vs. Winner Medical Co
Performance |
| Timeline |
| Chengdu Xingrong Inv |
| Winner Medical |
Chengdu Xingrong and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Xingrong and Winner Medical
The main advantage of trading using opposite Chengdu Xingrong and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Xingrong position performs unexpectedly, Winner 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 Winner Medical will offset losses from the drop in Winner Medical's long position.| Chengdu Xingrong vs. Sportsoul Co Ltd | Chengdu Xingrong vs. Guizhou BroadcastingTV Info | Chengdu Xingrong vs. Lander Sports Development | Chengdu Xingrong vs. Road Environment Technology |
| Winner Medical vs. PKU HealthCare Corp | Winner Medical vs. Inspur Software Co | Winner Medical vs. Kingclean Electric Co | Winner Medical vs. Sanbo Hospital Management |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |