Correlation Between Beijing Kaiwen and Allmed Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Kaiwen Education and Allmed Medical Products, you can compare the effects of market volatilities on Beijing Kaiwen 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 Beijing Kaiwen with a short position of Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kaiwen and Allmed Medical.
Diversification Opportunities for Beijing Kaiwen and Allmed Medical
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Allmed is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kaiwen Education 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 Beijing Kaiwen 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 Beijing Kaiwen Education 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 Beijing Kaiwen i.e., Beijing Kaiwen and Allmed Medical go up and down completely randomly.
Pair Corralation between Beijing Kaiwen and Allmed Medical
Assuming the 90 days trading horizon Beijing Kaiwen Education is expected to under-perform the Allmed Medical. In addition to that, Beijing Kaiwen is 1.71 times more volatile than Allmed Medical Products. It trades about -0.1 of its total potential returns per unit of risk. Allmed Medical Products is currently generating about 0.06 per unit of volatility. If you would invest 916.00 in Allmed Medical Products on November 1, 2024 and sell it today you would earn a total of 41.00 from holding Allmed Medical Products or generate 4.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kaiwen Education vs. Allmed Medical Products
Performance |
| Timeline |
| Beijing Kaiwen Education |
| Allmed Medical Products |
Beijing Kaiwen and Allmed Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kaiwen and Allmed Medical
The main advantage of trading using opposite Beijing Kaiwen and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kaiwen 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.| Beijing Kaiwen vs. Shaanxi Energy Investment | Beijing Kaiwen vs. Harson Trading China | Beijing Kaiwen vs. Chengdu Xingrong Investment | Beijing Kaiwen vs. Shandong Publishing Media |
| Allmed Medical vs. Heilongjiang Transport Development | Allmed Medical vs. Xiangpiaopiao Food Co | Allmed Medical vs. Shanghai Broadband Technology | Allmed Medical vs. Shaanxi Broadcast TV |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Transaction History View history of all your transactions and understand their impact on performance |