Correlation Between Innovative Medical and China Express
Specify exactly 2 symbols:
By analyzing existing cross correlation between Innovative Medical Management and China Express Airlines, you can compare the effects of market volatilities on Innovative Medical and China Express 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 China Express. Check out your portfolio center. Please also check ongoing floating volatility patterns of Innovative Medical and China Express.
Diversification Opportunities for Innovative Medical and China Express
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Innovative and China is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Medical Management and China Express Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Express Airlines 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 China Express. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Express Airlines has no effect on the direction of Innovative Medical i.e., Innovative Medical and China Express go up and down completely randomly.
Pair Corralation between Innovative Medical and China Express
Assuming the 90 days trading horizon Innovative Medical Management is expected to under-perform the China Express. In addition to that, Innovative Medical is 1.32 times more volatile than China Express Airlines. It trades about -0.01 of its total potential returns per unit of risk. China Express Airlines is currently generating about 0.01 per unit of volatility. If you would invest 829.00 in China Express Airlines on August 31, 2024 and sell it today you would earn a total of 15.00 from holding China Express Airlines or generate 1.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Innovative Medical Management vs. China Express Airlines
Performance |
| Timeline |
| Innovative Medical |
| China Express Airlines |
Innovative Medical and China Express Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Innovative Medical and China Express
The main advantage of trading using opposite Innovative Medical and China Express positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Innovative Medical position performs unexpectedly, China Express 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 China Express will offset losses from the drop in China Express' long position.| Innovative Medical vs. PetroChina Co Ltd | Innovative Medical vs. China Mobile Limited | Innovative Medical vs. Ping An Insurance | Innovative Medical vs. China Petroleum Chemical |
| China Express vs. Cowealth Medical China | China Express vs. GKHT Medical Technology | China Express vs. Xian International Medical | China Express vs. Allmed Medical Products |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |