Correlation Between Shenwu Energy and Innovative Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenwu Energy Saving and Innovative Medical Management, you can compare the effects of market volatilities on Shenwu Energy and Innovative 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 Shenwu Energy with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenwu Energy and Innovative Medical.
Diversification Opportunities for Shenwu Energy and Innovative Medical
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenwu and Innovative is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Shenwu Energy Saving and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Shenwu Energy 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 Shenwu Energy Saving are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Shenwu Energy i.e., Shenwu Energy and Innovative Medical go up and down completely randomly.
Pair Corralation between Shenwu Energy and Innovative Medical
Assuming the 90 days trading horizon Shenwu Energy Saving is expected to under-perform the Innovative Medical. But the stock apears to be less risky and, when comparing its historical volatility, Shenwu Energy Saving is 2.08 times less risky than Innovative Medical. The stock trades about -0.29 of its potential returns per unit of risk. The Innovative Medical Management is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 864.00 in Innovative Medical Management on September 1, 2024 and sell it today you would earn a total of 25.00 from holding Innovative Medical Management or generate 2.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenwu Energy Saving vs. Innovative Medical Management
Performance |
| Timeline |
| Shenwu Energy Saving |
| Innovative Medical |
Shenwu Energy and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenwu Energy and Innovative Medical
The main advantage of trading using opposite Shenwu Energy and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenwu Energy position performs unexpectedly, Innovative 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Shenwu Energy vs. Western Metal Materials | Shenwu Energy vs. Haima Automobile Group | Shenwu Energy vs. CSSC Offshore Marine | Shenwu Energy vs. Jilin Jlu Communication |
| Innovative Medical vs. Xiamen Bank Co | Innovative Medical vs. Longxing Chemical Stock | Innovative Medical vs. Shenwu Energy Saving | Innovative Medical vs. Agricultural Bank of |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |