Correlation Between Innovative Medical and Guangdong Qunxing
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By analyzing existing cross correlation between Innovative Medical Management and Guangdong Qunxing Toys, you can compare the effects of market volatilities on Innovative Medical and Guangdong Qunxing 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 Guangdong Qunxing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Innovative Medical and Guangdong Qunxing.
Diversification Opportunities for Innovative Medical and Guangdong Qunxing
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Innovative and Guangdong is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Medical Management and Guangdong Qunxing Toys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Qunxing Toys 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 Guangdong Qunxing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Qunxing Toys has no effect on the direction of Innovative Medical i.e., Innovative Medical and Guangdong Qunxing go up and down completely randomly.
Pair Corralation between Innovative Medical and Guangdong Qunxing
Assuming the 90 days trading horizon Innovative Medical Management is expected to under-perform the Guangdong Qunxing. In addition to that, Innovative Medical is 1.03 times more volatile than Guangdong Qunxing Toys. It trades about -0.15 of its total potential returns per unit of risk. Guangdong Qunxing Toys is currently generating about -0.05 per unit of volatility. If you would invest 701.00 in Guangdong Qunxing Toys on October 24, 2024 and sell it today you would lose (42.00) from holding Guangdong Qunxing Toys or give up 5.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Innovative Medical Management vs. Guangdong Qunxing Toys
Performance |
| Timeline |
| Innovative Medical |
| Guangdong Qunxing Toys |
Innovative Medical and Guangdong Qunxing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Innovative Medical and Guangdong Qunxing
The main advantage of trading using opposite Innovative Medical and Guangdong Qunxing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Innovative Medical position performs unexpectedly, Guangdong Qunxing 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 Guangdong Qunxing will offset losses from the drop in Guangdong Qunxing's long position.| Innovative Medical vs. V V Food | Innovative Medical vs. Xinjiang Tianrun Dairy | Innovative Medical vs. Shanghai Broadband Technology | Innovative Medical vs. Guilin Seamild Foods |
| Guangdong Qunxing vs. Shanghai Ziyan Foods | Guangdong Qunxing vs. Ligao Foods CoLtd | Guangdong Qunxing vs. Queclink Wireless Solutions | Guangdong Qunxing vs. Chahua Modern Housewares |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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