Correlation Between Wuliangye Yibin and Allgens Medical
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By analyzing existing cross correlation between Wuliangye Yibin Co and Allgens Medical Technology, you can compare the effects of market volatilities on Wuliangye Yibin and Allgens 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 Wuliangye Yibin with a short position of Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuliangye Yibin and Allgens Medical.
Diversification Opportunities for Wuliangye Yibin and Allgens Medical
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Wuliangye and Allgens is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Wuliangye Yibin Co and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech and Wuliangye Yibin 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 Wuliangye Yibin Co are associated (or correlated) with Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of Wuliangye Yibin i.e., Wuliangye Yibin and Allgens Medical go up and down completely randomly.
Pair Corralation between Wuliangye Yibin and Allgens Medical
Assuming the 90 days trading horizon Wuliangye Yibin is expected to generate 14.15 times less return on investment than Allgens Medical. But when comparing it to its historical volatility, Wuliangye Yibin Co is 1.15 times less risky than Allgens Medical. It trades about 0.01 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 1,618 in Allgens Medical Technology on September 1, 2024 and sell it today you would earn a total of 97.00 from holding Allgens Medical Technology or generate 6.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuliangye Yibin Co vs. Allgens Medical Technology
Performance |
| Timeline |
| Wuliangye Yibin |
| Allgens Medical Tech |
Wuliangye Yibin and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuliangye Yibin and Allgens Medical
The main advantage of trading using opposite Wuliangye Yibin and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuliangye Yibin position performs unexpectedly, Allgens 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.| Wuliangye Yibin vs. Qinghaihuading Industrial Co | Wuliangye Yibin vs. Nanjing Putian Telecommunications | Wuliangye Yibin vs. Xiangyang Automobile Bearing | Wuliangye Yibin vs. Anhui Jianghuai Automobile |
| Allgens Medical vs. Nanjing Putian Telecommunications | Allgens Medical vs. Shenzhen Hifuture Electric | Allgens Medical vs. Tianjin Realty Development | Allgens 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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