Correlation Between Zhejiang Kingland and Cowealth Medical
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By analyzing existing cross correlation between Zhejiang Kingland Pipeline and Cowealth Medical China, you can compare the effects of market volatilities on Zhejiang Kingland and Cowealth 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 Zhejiang Kingland with a short position of Cowealth Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Kingland and Cowealth Medical.
Diversification Opportunities for Zhejiang Kingland and Cowealth Medical
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Zhejiang and Cowealth is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Kingland Pipeline and Cowealth Medical China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cowealth Medical China and Zhejiang Kingland 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 Zhejiang Kingland Pipeline are associated (or correlated) with Cowealth Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cowealth Medical China has no effect on the direction of Zhejiang Kingland i.e., Zhejiang Kingland and Cowealth Medical go up and down completely randomly.
Pair Corralation between Zhejiang Kingland and Cowealth Medical
Assuming the 90 days trading horizon Zhejiang Kingland Pipeline is expected to under-perform the Cowealth Medical. But the stock apears to be less risky and, when comparing its historical volatility, Zhejiang Kingland Pipeline is 1.6 times less risky than Cowealth Medical. The stock trades about -0.1 of its potential returns per unit of risk. The Cowealth Medical China is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 735.00 in Cowealth Medical China on September 28, 2024 and sell it today you would lose (14.00) from holding Cowealth Medical China or give up 1.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Zhejiang Kingland Pipeline vs. Cowealth Medical China
Performance |
| Timeline |
| Zhejiang Kingland |
| Cowealth Medical China |
Zhejiang Kingland and Cowealth Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Kingland and Cowealth Medical
The main advantage of trading using opposite Zhejiang Kingland and Cowealth Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Kingland position performs unexpectedly, Cowealth 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 Cowealth Medical will offset losses from the drop in Cowealth Medical's long position.| Zhejiang Kingland vs. Aurora Optoelectronics Co | Zhejiang Kingland vs. Xinke Material | Zhejiang Kingland vs. Ningbo Kangqiang Electronics | Zhejiang Kingland vs. Yuanjie Semiconductor Technology |
| Cowealth Medical vs. Zhejiang Kingland Pipeline | Cowealth Medical vs. Guangzhou Boji Medical | Cowealth Medical vs. INKON Life Technology | Cowealth Medical vs. Northking Information Technology |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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