Correlation Between Dymatic Chemicals and Winner Medical
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By analyzing existing cross correlation between Dymatic Chemicals and Winner Medical Co, you can compare the effects of market volatilities on Dymatic Chemicals 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 Dymatic Chemicals with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dymatic Chemicals and Winner Medical.
Diversification Opportunities for Dymatic Chemicals and Winner Medical
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Dymatic and Winner is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Dymatic Chemicals and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Dymatic Chemicals 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 Dymatic Chemicals 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 Dymatic Chemicals i.e., Dymatic Chemicals and Winner Medical go up and down completely randomly.
Pair Corralation between Dymatic Chemicals and Winner Medical
Assuming the 90 days trading horizon Dymatic Chemicals is expected to generate 0.97 times more return on investment than Winner Medical. However, Dymatic Chemicals is 1.04 times less risky than Winner Medical. It trades about -0.01 of its potential returns per unit of risk. Winner Medical Co is currently generating about -0.03 per unit of risk. If you would invest 783.00 in Dymatic Chemicals on September 3, 2024 and sell it today you would lose (160.00) from holding Dymatic Chemicals or give up 20.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dymatic Chemicals vs. Winner Medical Co
Performance |
| Timeline |
| Dymatic Chemicals |
| Winner Medical |
Dymatic Chemicals and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dymatic Chemicals and Winner Medical
The main advantage of trading using opposite Dymatic Chemicals and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dymatic Chemicals 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.| Dymatic Chemicals vs. Jointo Energy Investment | Dymatic Chemicals vs. Tieling Newcity Investment | Dymatic Chemicals vs. Guangzhou Automobile Group | Dymatic Chemicals vs. Jiangsu Yueda Investment |
| Winner Medical vs. Dymatic Chemicals | Winner Medical vs. Changjiang Jinggong Steel | Winner Medical vs. Panda Dairy Corp | Winner Medical vs. Hubei Xingfa Chemicals |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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