Correlation Between Hengkang Medical and Winner Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hengkang Medical Group and Winner Medical Co, you can compare the effects of market volatilities on Hengkang Medical 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 Hengkang Medical with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Winner Medical.
Diversification Opportunities for Hengkang Medical and Winner Medical
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hengkang and Winner is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Hengkang 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 Hengkang Medical Group 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 Hengkang Medical i.e., Hengkang Medical and Winner Medical go up and down completely randomly.
Pair Corralation between Hengkang Medical and Winner Medical
Assuming the 90 days trading horizon Hengkang Medical Group is expected to generate 0.97 times more return on investment than Winner Medical. However, Hengkang Medical Group is 1.03 times less risky than Winner Medical. It trades about 0.19 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.17 per unit of risk. If you would invest 175.00 in Hengkang Medical Group on August 28, 2024 and sell it today you would earn a total of 85.00 from holding Hengkang Medical Group or generate 48.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengkang Medical Group vs. Winner Medical Co
Performance |
| Timeline |
| Hengkang Medical |
| Winner Medical |
Hengkang Medical and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Winner Medical
The main advantage of trading using opposite Hengkang Medical and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical 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.| Hengkang Medical vs. Industrial and Commercial | Hengkang Medical vs. Agricultural Bank of | Hengkang Medical vs. China Construction Bank | Hengkang Medical vs. Bank of China |
| Winner Medical vs. Bank of China | Winner Medical vs. Kweichow Moutai Co | Winner Medical vs. PetroChina Co Ltd | Winner Medical vs. Bank of Communications |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |