Correlation Between Guangzhou Haige and Winner Medical Co
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By analyzing existing cross correlation between Guangzhou Haige Communications and Winner Medical Co, you can compare the effects of market volatilities on Guangzhou Haige and Winner Medical Co 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 Guangzhou Haige with a short position of Winner Medical Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Haige and Winner Medical Co.
Diversification Opportunities for Guangzhou Haige and Winner Medical Co
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangzhou and Winner is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Haige Communications and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical Co and Guangzhou Haige 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 Guangzhou Haige Communications are associated (or correlated) with Winner Medical Co. 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 Co has no effect on the direction of Guangzhou Haige i.e., Guangzhou Haige and Winner Medical Co go up and down completely randomly.
Pair Corralation between Guangzhou Haige and Winner Medical Co
Assuming the 90 days trading horizon Guangzhou Haige Communications is expected to generate 1.51 times more return on investment than Winner Medical Co. However, Guangzhou Haige is 1.51 times more volatile than Winner Medical Co. It trades about 0.17 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.23 per unit of risk. If you would invest 1,131 in Guangzhou Haige Communications on September 1, 2024 and sell it today you would earn a total of 149.00 from holding Guangzhou Haige Communications or generate 13.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Haige Communications vs. Winner Medical Co
Performance |
| Timeline |
| Guangzhou Haige Comm |
| Winner Medical Co |
Guangzhou Haige and Winner Medical Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Haige and Winner Medical Co
The main advantage of trading using opposite Guangzhou Haige and Winner Medical Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Haige position performs unexpectedly, Winner Medical Co 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 Co will offset losses from the drop in Winner Medical Co's long position.| Guangzhou Haige vs. Industrial and Commercial | Guangzhou Haige vs. Kweichow Moutai Co | Guangzhou Haige vs. Agricultural Bank of | Guangzhou Haige vs. China Mobile Limited |
| Winner Medical Co vs. Nanjing Putian Telecommunications | Winner Medical Co vs. Shenzhen Hifuture Electric | Winner Medical Co vs. Tianjin Realty Development | Winner Medical Co vs. Shenyang Huitian Thermal |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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