Correlation Between Sichuan Fulin and Allmed Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sichuan Fulin Transportation and Allmed Medical Products, you can compare the effects of market volatilities on Sichuan Fulin and Allmed 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 Sichuan Fulin with a short position of Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Fulin and Allmed Medical.
Diversification Opportunities for Sichuan Fulin and Allmed Medical
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sichuan and Allmed is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Fulin Transportation and Allmed Medical Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allmed Medical Products and Sichuan Fulin 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 Sichuan Fulin Transportation are associated (or correlated) with Allmed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allmed Medical Products has no effect on the direction of Sichuan Fulin i.e., Sichuan Fulin and Allmed Medical go up and down completely randomly.
Pair Corralation between Sichuan Fulin and Allmed Medical
Assuming the 90 days trading horizon Sichuan Fulin Transportation is expected to generate 1.3 times more return on investment than Allmed Medical. However, Sichuan Fulin is 1.3 times more volatile than Allmed Medical Products. It trades about 0.01 of its potential returns per unit of risk. Allmed Medical Products is currently generating about -0.03 per unit of risk. If you would invest 734.00 in Sichuan Fulin Transportation on September 3, 2024 and sell it today you would lose (22.00) from holding Sichuan Fulin Transportation or give up 3.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sichuan Fulin Transportation vs. Allmed Medical Products
Performance |
| Timeline |
| Sichuan Fulin Transp |
| Allmed Medical Products |
Sichuan Fulin and Allmed Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Fulin and Allmed Medical
The main advantage of trading using opposite Sichuan Fulin and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Fulin position performs unexpectedly, Allmed 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 Allmed Medical will offset losses from the drop in Allmed Medical's long position.| Sichuan Fulin vs. Humanwell Healthcare Group | Sichuan Fulin vs. Healthcare Co | Sichuan Fulin vs. Xizi Clean Energy | Sichuan Fulin vs. Yunnan Jianzhijia Health Chain |
| Allmed Medical vs. FSPG Hi Tech Co | Allmed Medical vs. Caihong Display Devices | Allmed Medical vs. Suzhou Mingzhi Technology | Allmed Medical vs. Jonjee Hi tech Industrial |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Stocks Directory Find actively traded stocks across global markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |