Correlation Between Innovative Medical and CGN Nuclear
Specify exactly 2 symbols:
By analyzing existing cross correlation between Innovative Medical Management and CGN Nuclear Technology, you can compare the effects of market volatilities on Innovative Medical and CGN Nuclear 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 Innovative Medical with a short position of CGN Nuclear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Innovative Medical and CGN Nuclear.
Diversification Opportunities for Innovative Medical and CGN Nuclear
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Innovative and CGN is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Medical Management and CGN Nuclear Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CGN Nuclear Technology and Innovative Medical 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 Innovative Medical Management are associated (or correlated) with CGN Nuclear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CGN Nuclear Technology has no effect on the direction of Innovative Medical i.e., Innovative Medical and CGN Nuclear go up and down completely randomly.
Pair Corralation between Innovative Medical and CGN Nuclear
Assuming the 90 days trading horizon Innovative Medical Management is expected to generate 2.45 times more return on investment than CGN Nuclear. However, Innovative Medical is 2.45 times more volatile than CGN Nuclear Technology. It trades about -0.02 of its potential returns per unit of risk. CGN Nuclear Technology is currently generating about -0.19 per unit of risk. If you would invest 889.00 in Innovative Medical Management on October 30, 2024 and sell it today you would lose (61.00) from holding Innovative Medical Management or give up 6.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Innovative Medical Management vs. CGN Nuclear Technology
Performance |
| Timeline |
| Innovative Medical |
| CGN Nuclear Technology |
Innovative Medical and CGN Nuclear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Innovative Medical and CGN Nuclear
The main advantage of trading using opposite Innovative Medical and CGN Nuclear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Innovative Medical position performs unexpectedly, CGN Nuclear 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 CGN Nuclear will offset losses from the drop in CGN Nuclear's long position.| Innovative Medical vs. Chongqing Sulian Plastic | Innovative Medical vs. TongFu Microelectronics Co | Innovative Medical vs. Ningbo Tip Rubber | Innovative Medical vs. Jiangxi Lianchuang Opto electronic |
| CGN Nuclear vs. Sinocelltech Group | CGN Nuclear vs. Ningbo Kangqiang Electronics | CGN Nuclear vs. Citic Offshore Helicopter | CGN Nuclear vs. LianChuang Electronic Technology |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |