Correlation Between Shenzhen Hifuture and Double Medical
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and Double Medical Technology, you can compare the effects of market volatilities on Shenzhen Hifuture and Double 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 Double Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and Double Medical.
Diversification Opportunities for Shenzhen Hifuture and Double Medical
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenzhen and Double is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric and Double Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Double Medical Technology 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 Double Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Double Medical Technology has no effect on the direction of Shenzhen Hifuture i.e., Shenzhen Hifuture and Double Medical go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and Double Medical
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to generate 1.75 times more return on investment than Double Medical. However, Shenzhen Hifuture is 1.75 times more volatile than Double Medical Technology. It trades about 0.25 of its potential returns per unit of risk. Double Medical Technology is currently generating about -0.16 per unit of risk. If you would invest 241.00 in Shenzhen Hifuture Electric on September 1, 2024 and sell it today you would earn a total of 41.00 from holding Shenzhen Hifuture Electric or generate 17.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. Double Medical Technology
Performance |
| Timeline |
| Shenzhen Hifuture |
| Double Medical Technology |
Shenzhen Hifuture and Double Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and Double Medical
The main advantage of trading using opposite Shenzhen Hifuture and Double Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture position performs unexpectedly, Double 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 Double Medical will offset losses from the drop in Double Medical's long position.| Shenzhen Hifuture vs. CareRay Digital Medical | Shenzhen Hifuture vs. Chison Medical Technologies | Shenzhen Hifuture vs. Nanjing Vishee Medical | Shenzhen Hifuture vs. Linewell Software Co |
| Double Medical vs. Nanjing Putian Telecommunications | Double Medical vs. Shenzhen Hifuture Electric | Double Medical vs. Tianjin Realty Development | Double Medical vs. Shenyang Huitian Thermal |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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