Correlation Between Shenzhen Hifuture and Innovative Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen Hifuture Electric and Innovative Medical Management, you can compare the effects of market volatilities on Shenzhen Hifuture and Innovative 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 Shenzhen Hifuture with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and Innovative Medical.
Diversification Opportunities for Shenzhen Hifuture and Innovative Medical
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Innovative is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Shenzhen Hifuture 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 Shenzhen Hifuture Electric are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Shenzhen Hifuture i.e., Shenzhen Hifuture and Innovative Medical go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and Innovative Medical
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to generate 0.65 times more return on investment than Innovative Medical. However, Shenzhen Hifuture Electric is 1.53 times less risky than Innovative Medical. It trades about 0.25 of its potential returns per unit of risk. Innovative Medical Management is currently generating about -0.06 per unit of risk. If you would invest 273.00 in Shenzhen Hifuture Electric on September 13, 2024 and sell it today you would earn a total of 42.00 from holding Shenzhen Hifuture Electric or generate 15.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. Innovative Medical Management
Performance |
| Timeline |
| Shenzhen Hifuture |
| Innovative Medical |
Shenzhen Hifuture and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and Innovative Medical
The main advantage of trading using opposite Shenzhen Hifuture and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture position performs unexpectedly, Innovative 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Shenzhen Hifuture vs. China Nonferrous Metal | Shenzhen Hifuture vs. Xinya Electronic Co | Shenzhen Hifuture vs. Gansu Yasheng Industrial | Shenzhen Hifuture vs. Shenzhen Clou Electronics |
| Innovative Medical vs. Nanjing Putian Telecommunications | Innovative Medical vs. Tianjin Realty Development | Innovative Medical vs. Kangyue Technology Co | Innovative Medical vs. Shenzhen Hifuture Electric |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |