Correlation Between Guangzhou Jinyi and Chison Medical
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By analyzing existing cross correlation between Guangzhou Jinyi Media and Chison Medical Technologies, you can compare the effects of market volatilities on Guangzhou Jinyi and Chison 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 Guangzhou Jinyi with a short position of Chison Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jinyi and Chison Medical.
Diversification Opportunities for Guangzhou Jinyi and Chison Medical
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guangzhou and Chison is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jinyi Media and Chison Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chison Medical Techn and Guangzhou Jinyi 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 Jinyi Media are associated (or correlated) with Chison Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chison Medical Techn has no effect on the direction of Guangzhou Jinyi i.e., Guangzhou Jinyi and Chison Medical go up and down completely randomly.
Pair Corralation between Guangzhou Jinyi and Chison Medical
Assuming the 90 days trading horizon Guangzhou Jinyi Media is expected to under-perform the Chison Medical. In addition to that, Guangzhou Jinyi is 2.09 times more volatile than Chison Medical Technologies. It trades about -0.29 of its total potential returns per unit of risk. Chison Medical Technologies is currently generating about -0.32 per unit of volatility. If you would invest 2,748 in Chison Medical Technologies on October 17, 2024 and sell it today you would lose (354.00) from holding Chison Medical Technologies or give up 12.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Jinyi Media vs. Chison Medical Technologies
Performance |
| Timeline |
| Guangzhou Jinyi Media |
| Chison Medical Techn |
Guangzhou Jinyi and Chison Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Jinyi and Chison Medical
The main advantage of trading using opposite Guangzhou Jinyi and Chison Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jinyi position performs unexpectedly, Chison 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 Chison Medical will offset losses from the drop in Chison Medical's long position.| Guangzhou Jinyi vs. Eastern Communications Co | Guangzhou Jinyi vs. Runjian Communication Co | Guangzhou Jinyi vs. Anhui Jinhe Industrial | Guangzhou Jinyi vs. Ningbo Fujia Industrial |
| Chison Medical vs. State Grid InformationCommunication | Chison Medical vs. Changjiang Publishing Media | Chison Medical vs. Guangzhou Jinyi Media | Chison Medical vs. Tongyu Communication |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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