Correlation Between Shenzhen Glory and Winner Medical Co
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By analyzing existing cross correlation between Shenzhen Glory Medical and Winner Medical Co, you can compare the effects of market volatilities on Shenzhen Glory 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 Shenzhen Glory with a short position of Winner Medical Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Glory and Winner Medical Co.
Diversification Opportunities for Shenzhen Glory and Winner Medical Co
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Winner is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Glory Medical 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 Shenzhen Glory 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 Glory Medical 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 Shenzhen Glory i.e., Shenzhen Glory and Winner Medical Co go up and down completely randomly.
Pair Corralation between Shenzhen Glory and Winner Medical Co
Assuming the 90 days trading horizon Shenzhen Glory Medical is expected to generate 0.88 times more return on investment than Winner Medical Co. However, Shenzhen Glory Medical is 1.14 times less risky than Winner Medical Co. It trades about 0.09 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.06 per unit of risk. If you would invest 258.00 in Shenzhen Glory Medical on September 2, 2024 and sell it today you would earn a total of 80.00 from holding Shenzhen Glory Medical or generate 31.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Glory Medical vs. Winner Medical Co
Performance |
| Timeline |
| Shenzhen Glory Medical |
| Winner Medical Co |
Shenzhen Glory and Winner Medical Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Glory and Winner Medical Co
The main advantage of trading using opposite Shenzhen Glory and Winner Medical Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Glory 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.| Shenzhen Glory vs. Industrial and Commercial | Shenzhen Glory vs. Agricultural Bank of | Shenzhen Glory vs. China Construction Bank | Shenzhen Glory vs. Bank of China |
| 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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