Correlation Between Zotye Automobile and Winner Medical
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By analyzing existing cross correlation between Zotye Automobile Co and Winner Medical Co, you can compare the effects of market volatilities on Zotye Automobile 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 Zotye Automobile with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zotye Automobile and Winner Medical.
Diversification Opportunities for Zotye Automobile and Winner Medical
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Zotye and Winner is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Zotye Automobile Co and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Zotye Automobile 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 Zotye Automobile Co 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 Zotye Automobile i.e., Zotye Automobile and Winner Medical go up and down completely randomly.
Pair Corralation between Zotye Automobile and Winner Medical
Assuming the 90 days trading horizon Zotye Automobile Co is expected to under-perform the Winner Medical. In addition to that, Zotye Automobile is 1.52 times more volatile than Winner Medical Co. It trades about -0.1 of its total potential returns per unit of risk. Winner Medical Co is currently generating about 0.14 per unit of volatility. If you would invest 3,497 in Winner Medical Co on October 30, 2024 and sell it today you would earn a total of 554.00 from holding Winner Medical Co or generate 15.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zotye Automobile Co vs. Winner Medical Co
Performance |
| Timeline |
| Zotye Automobile |
| Winner Medical |
Zotye Automobile and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zotye Automobile and Winner Medical
The main advantage of trading using opposite Zotye Automobile and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zotye Automobile 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.| Zotye Automobile vs. Innovative Medical Management | Zotye Automobile vs. Sanbo Hospital Management | Zotye Automobile vs. Southern PublishingMedia Co | Zotye Automobile vs. Hengdian Entertainment Co |
| Winner Medical vs. Agricultural Bank of | Winner Medical vs. Industrial and Commercial | Winner Medical vs. Bank of China | Winner Medical vs. China Construction Bank |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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