Correlation Between Shenzhen MYS and Chison Medical
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By analyzing existing cross correlation between Shenzhen MYS Environmental and Chison Medical Technologies, you can compare the effects of market volatilities on Shenzhen MYS and Chison 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 Chison Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Chison Medical.
Diversification Opportunities for Shenzhen MYS and Chison Medical
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Chison is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental and Chison Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chison Medical Techn 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 Chison Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chison Medical Techn has no effect on the direction of Shenzhen MYS i.e., Shenzhen MYS and Chison Medical go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Chison Medical
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to under-perform the Chison Medical. In addition to that, Shenzhen MYS is 1.34 times more volatile than Chison Medical Technologies. It trades about -0.07 of its total potential returns per unit of risk. Chison Medical Technologies is currently generating about -0.01 per unit of volatility. If you would invest 2,651 in Chison Medical Technologies on October 30, 2024 and sell it today you would lose (41.00) from holding Chison Medical Technologies or give up 1.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Chison Medical Technologies
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Chison Medical Techn |
Shenzhen MYS and Chison Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Chison Medical
The main advantage of trading using opposite Shenzhen MYS and Chison Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS position performs unexpectedly, Chison 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 Chison Medical will offset losses from the drop in Chison Medical's long position.| Shenzhen MYS vs. Capitalonline Data Service | Shenzhen MYS vs. Fujian Nanwang Environment | Shenzhen MYS vs. Shandong Iron and | Shenzhen MYS vs. Chengdu Spaceon Electronics |
| Chison Medical vs. Agricultural Bank of | Chison Medical vs. Industrial and Commercial | Chison Medical vs. Bank of China | Chison 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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