Correlation Between Shenzhen MYS and Innovative Medical
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Innovative Medical Management, you can compare the effects of market volatilities on Shenzhen MYS 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 Shenzhen MYS with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Innovative Medical.
Diversification Opportunities for Shenzhen MYS and Innovative Medical
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenzhen and Innovative is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Shenzhen MYS 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 Shenzhen MYS Environmental 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 Shenzhen MYS i.e., Shenzhen MYS and Innovative Medical go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Innovative Medical
Assuming the 90 days trading horizon Shenzhen MYS is expected to generate 1.59 times less return on investment than Innovative Medical. But when comparing it to its historical volatility, Shenzhen MYS Environmental is 1.53 times less risky than Innovative Medical. It trades about 0.03 of its potential returns per unit of risk. Innovative Medical Management is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 703.00 in Innovative Medical Management on November 1, 2024 and sell it today you would earn a total of 125.00 from holding Innovative Medical Management or generate 17.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Innovative Medical Management
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Innovative Medical |
Shenzhen MYS and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Innovative Medical
The main advantage of trading using opposite Shenzhen MYS and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS 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.| Shenzhen MYS vs. Ziel Home Furnishing | Shenzhen MYS vs. Fiberhome Telecommunication Technologies | Shenzhen MYS vs. Masterwork Machinery | Shenzhen MYS vs. Luolai Home Textile |
| Innovative Medical vs. Anhui Fuhuang Steel | Innovative Medical vs. Eastroc Beverage Group | Innovative Medical vs. Anji Foodstuff Co | Innovative Medical vs. Shenzhen MYS Environmental |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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