Correlation Between Holitech Technology and Winner Medical
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By analyzing existing cross correlation between Holitech Technology Co and Winner Medical Co, you can compare the effects of market volatilities on Holitech Technology 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 Holitech Technology with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Winner Medical.
Diversification Opportunities for Holitech Technology and Winner Medical
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Holitech and Winner is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology 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 Holitech Technology 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 Holitech Technology 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 Holitech Technology i.e., Holitech Technology and Winner Medical go up and down completely randomly.
Pair Corralation between Holitech Technology and Winner Medical
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the Winner Medical. In addition to that, Holitech Technology is 1.02 times more volatile than Winner Medical Co. It trades about -0.05 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 Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Winner Medical Co
Performance |
| Timeline |
| Holitech Technology |
| Winner Medical |
Holitech Technology and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Winner Medical
The main advantage of trading using opposite Holitech Technology and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology 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.The idea behind Holitech Technology Co and Winner Medical Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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