Correlation Between Success Electronics and Winner Medical
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By analyzing existing cross correlation between Success Electronics and Winner Medical Co, you can compare the effects of market volatilities on Success Electronics 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 Success Electronics with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Success Electronics and Winner Medical.
Diversification Opportunities for Success Electronics and Winner Medical
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Success and Winner is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Success Electronics and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Success Electronics 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 Success Electronics 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 Success Electronics i.e., Success Electronics and Winner Medical go up and down completely randomly.
Pair Corralation between Success Electronics and Winner Medical
Assuming the 90 days trading horizon Success Electronics is expected to under-perform the Winner Medical. In addition to that, Success Electronics is 1.29 times more volatile than Winner Medical Co. It trades about -0.04 of its total potential returns per unit of risk. Winner Medical Co is currently generating about -0.01 per unit of volatility. If you would invest 4,975 in Winner Medical Co on October 11, 2024 and sell it today you would lose (1,094) from holding Winner Medical Co or give up 21.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Success Electronics vs. Winner Medical Co
Performance |
| Timeline |
| Success Electronics |
| Winner Medical |
Success Electronics and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Success Electronics and Winner Medical
The main advantage of trading using opposite Success Electronics and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Success Electronics 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.| Success Electronics vs. Guangzhou Haozhi Industrial | Success Electronics vs. Emdoor Information Co | Success Electronics vs. Ningbo Fujia Industrial | Success Electronics vs. Biwin Storage Technology |
| Winner Medical vs. Dongguan Tarry Electronics | Winner Medical vs. Songz Automobile Air | Winner Medical vs. YiDong Electronics Technology | Winner Medical vs. Success Electronics |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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