Correlation Between Bus Online and Winner Medical
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By analyzing existing cross correlation between Bus Online Co and Winner Medical Co, you can compare the effects of market volatilities on Bus Online 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 Bus Online with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Winner Medical.
Diversification Opportunities for Bus Online and Winner Medical
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bus and Winner is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Bus Online 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 Bus Online Co 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 Bus Online i.e., Bus Online and Winner Medical go up and down completely randomly.
Pair Corralation between Bus Online and Winner Medical
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the Winner Medical. In addition to that, Bus Online is 1.33 times more volatile than Winner Medical Co. It trades about -0.08 of its total potential returns per unit of risk. Winner Medical Co is currently generating about 0.14 per unit of volatility. If you would invest 3,497 in Winner Medical Co on October 30, 2024 and sell it today you would earn a total of 554.00 from holding Winner Medical Co or generate 15.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Winner Medical Co
Performance |
| Timeline |
| Bus Online |
| Winner Medical |
Bus Online and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Winner Medical
The main advantage of trading using opposite Bus Online and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online 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.| Bus Online vs. Guangdong Liantai Environmental | Bus Online vs. Sinosteel Engineering and | Bus Online vs. Guangzhou Dongfang Hotel | Bus Online vs. Wuxi Xuelang Environmental |
| Winner Medical vs. Agricultural Bank of | Winner Medical vs. Industrial and Commercial | Winner Medical vs. Bank of China | Winner Medical 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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