Correlation Between Guangzhou KingTeller and Innovative Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangzhou KingTeller Technology and Innovative Medical Management, you can compare the effects of market volatilities on Guangzhou KingTeller and Innovative 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 Guangzhou KingTeller with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou KingTeller and Innovative Medical.
Diversification Opportunities for Guangzhou KingTeller and Innovative Medical
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangzhou and Innovative is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou KingTeller Technolog and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Guangzhou KingTeller 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 Guangzhou KingTeller Technology are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Guangzhou KingTeller i.e., Guangzhou KingTeller and Innovative Medical go up and down completely randomly.
Pair Corralation between Guangzhou KingTeller and Innovative Medical
Assuming the 90 days trading horizon Guangzhou KingTeller Technology is expected to generate 1.08 times more return on investment than Innovative Medical. However, Guangzhou KingTeller is 1.08 times more volatile than Innovative Medical Management. It trades about 0.04 of its potential returns per unit of risk. Innovative Medical Management is currently generating about 0.02 per unit of risk. If you would invest 403.00 in Guangzhou KingTeller Technology on August 27, 2024 and sell it today you would earn a total of 77.00 from holding Guangzhou KingTeller Technology or generate 19.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou KingTeller Technolog vs. Innovative Medical Management
Performance |
| Timeline |
| Guangzhou KingTeller |
| Innovative Medical |
Guangzhou KingTeller and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou KingTeller and Innovative Medical
The main advantage of trading using opposite Guangzhou KingTeller and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou KingTeller position performs unexpectedly, Innovative 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Guangzhou KingTeller vs. Agricultural Bank of | Guangzhou KingTeller vs. Industrial and Commercial | Guangzhou KingTeller vs. Bank of China | Guangzhou KingTeller vs. China Construction Bank |
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.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |