Correlation Between Shenzhen Hifuture and Winner Medical
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and Winner Medical Co, you can compare the effects of market volatilities on Shenzhen Hifuture 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 Shenzhen Hifuture with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and Winner Medical.
Diversification Opportunities for Shenzhen Hifuture and Winner Medical
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and Winner is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner 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 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 Shenzhen Hifuture i.e., Shenzhen Hifuture and Winner Medical go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and Winner Medical
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to generate 1.44 times more return on investment than Winner Medical. However, Shenzhen Hifuture is 1.44 times more volatile than Winner Medical Co. 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 408.00 in Shenzhen Hifuture Electric on September 3, 2024 and sell it today you would lose (126.00) from holding Shenzhen Hifuture Electric or give up 30.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. Winner Medical Co
Performance |
| Timeline |
| Shenzhen Hifuture |
| Winner Medical |
Shenzhen Hifuture and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and Winner Medical
The main advantage of trading using opposite Shenzhen Hifuture and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture 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.| Shenzhen Hifuture vs. Wuhan Yangtze Communication | Shenzhen Hifuture vs. Holitech Technology Co | Shenzhen Hifuture vs. Shenzhen Kexin Communication | Shenzhen Hifuture vs. Saurer Intelligent Technology |
| 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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