Correlation Between Beijing Bewinner and Winner Medical
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By analyzing existing cross correlation between Beijing Bewinner Communications and Winner Medical Co, you can compare the effects of market volatilities on Beijing Bewinner 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 Beijing Bewinner with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Winner Medical.
Diversification Opportunities for Beijing Bewinner and Winner Medical
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and Winner is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Beijing Bewinner 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 Beijing Bewinner Communications 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 Beijing Bewinner i.e., Beijing Bewinner and Winner Medical go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Winner Medical
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 1.35 times more return on investment than Winner Medical. However, Beijing Bewinner is 1.35 times more volatile than Winner Medical Co. It trades about 0.16 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.09 per unit of risk. If you would invest 583.00 in Beijing Bewinner Communications on September 3, 2024 and sell it today you would earn a total of 51.00 from holding Beijing Bewinner Communications or generate 8.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Winner Medical Co
Performance |
| Timeline |
| Beijing Bewinner Com |
| Winner Medical |
Beijing Bewinner and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Winner Medical
The main advantage of trading using opposite Beijing Bewinner and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner 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.| Beijing Bewinner vs. Time Publishing and | Beijing Bewinner vs. Beijing Sanyuan Foods | Beijing Bewinner vs. Northern United Publishing | Beijing Bewinner vs. Anji Foodstuff Co |
| 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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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