Correlation Between China Securities and Chison Medical
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By analyzing existing cross correlation between China Securities 800 and Chison Medical Technologies, you can compare the effects of market volatilities on China Securities 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 China Securities with a short position of Chison Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Chison Medical.
Diversification Opportunities for China Securities and Chison Medical
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Chison is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 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 China Securities 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 China Securities 800 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 China Securities i.e., China Securities and Chison Medical go up and down completely randomly.
Pair Corralation between China Securities and Chison Medical
Assuming the 90 days trading horizon China Securities 800 is expected to under-perform the Chison Medical. But the index apears to be less risky and, when comparing its historical volatility, China Securities 800 is 2.2 times less risky than Chison Medical. The index trades about -0.02 of its potential returns per unit of risk. The Chison Medical Technologies is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 2,436 in Chison Medical Technologies on September 3, 2024 and sell it today you would earn a total of 274.00 from holding Chison Medical Technologies or generate 11.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Chison Medical Technologies
Performance |
| Timeline |
China Securities and Chison Medical Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Chison Medical Technologies
Pair trading matchups for Chison Medical
Pair Trading with China Securities and Chison Medical
The main advantage of trading using opposite China Securities and Chison Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities 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.| China Securities vs. Guilin Seamild Foods | China Securities vs. HaiXin Foods Co | China Securities vs. Zhejiang Publishing Media | China Securities vs. Eastroc Beverage Group |
| Chison Medical vs. Marssenger Kitchenware Co | Chison Medical vs. Sunwave Communications Co | Chison Medical vs. Chahua Modern Housewares | Chison Medical vs. Anhui Jianghuai Automobile |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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