Correlation Between Fujian Newland and Medprin Regenerative
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fujian Newland Computer and Medprin Regenerative Medical, you can compare the effects of market volatilities on Fujian Newland and Medprin Regenerative 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 Fujian Newland with a short position of Medprin Regenerative. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Newland and Medprin Regenerative.
Diversification Opportunities for Fujian Newland and Medprin Regenerative
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Fujian and Medprin is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Newland Computer and Medprin Regenerative Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medprin Regenerative and Fujian Newland 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 Fujian Newland Computer are associated (or correlated) with Medprin Regenerative. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medprin Regenerative has no effect on the direction of Fujian Newland i.e., Fujian Newland and Medprin Regenerative go up and down completely randomly.
Pair Corralation between Fujian Newland and Medprin Regenerative
Assuming the 90 days trading horizon Fujian Newland Computer is expected to under-perform the Medprin Regenerative. In addition to that, Fujian Newland is 1.24 times more volatile than Medprin Regenerative Medical. It trades about -0.06 of its total potential returns per unit of risk. Medprin Regenerative Medical is currently generating about -0.06 per unit of volatility. If you would invest 4,725 in Medprin Regenerative Medical on October 30, 2024 and sell it today you would lose (253.00) from holding Medprin Regenerative Medical or give up 5.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Newland Computer vs. Medprin Regenerative Medical
Performance |
| Timeline |
| Fujian Newland Computer |
| Medprin Regenerative |
Fujian Newland and Medprin Regenerative Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Newland and Medprin Regenerative
The main advantage of trading using opposite Fujian Newland and Medprin Regenerative positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Newland position performs unexpectedly, Medprin Regenerative 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 Medprin Regenerative will offset losses from the drop in Medprin Regenerative's long position.| Fujian Newland vs. Shandong Rike Chemical | Fujian Newland vs. Guizhou Chanhen Chemical | Fujian Newland vs. Shanghai Yanpu Metal | Fujian Newland vs. Kingclean Electric Co |
| Medprin Regenerative vs. Agricultural Bank of | Medprin Regenerative vs. Industrial and Commercial | Medprin Regenerative vs. Bank of China | Medprin Regenerative 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |