Correlation Between Allmed Medical and Bohai Leasing
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By analyzing existing cross correlation between Allmed Medical Products and Bohai Leasing Co, you can compare the effects of market volatilities on Allmed Medical and Bohai Leasing 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 Allmed Medical with a short position of Bohai Leasing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Bohai Leasing.
Diversification Opportunities for Allmed Medical and Bohai Leasing
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Allmed and Bohai is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and Bohai Leasing Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bohai Leasing and Allmed Medical 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 Allmed Medical Products are associated (or correlated) with Bohai Leasing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bohai Leasing has no effect on the direction of Allmed Medical i.e., Allmed Medical and Bohai Leasing go up and down completely randomly.
Pair Corralation between Allmed Medical and Bohai Leasing
Assuming the 90 days trading horizon Allmed Medical Products is expected to generate 1.06 times more return on investment than Bohai Leasing. However, Allmed Medical is 1.06 times more volatile than Bohai Leasing Co. It trades about -0.19 of its potential returns per unit of risk. Bohai Leasing Co is currently generating about -0.48 per unit of risk. If you would invest 909.00 in Allmed Medical Products on October 15, 2024 and sell it today you would lose (68.00) from holding Allmed Medical Products or give up 7.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. Bohai Leasing Co
Performance |
| Timeline |
| Allmed Medical Products |
| Bohai Leasing |
Allmed Medical and Bohai Leasing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Bohai Leasing
The main advantage of trading using opposite Allmed Medical and Bohai Leasing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical position performs unexpectedly, Bohai Leasing 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 Bohai Leasing will offset losses from the drop in Bohai Leasing's long position.| Allmed Medical vs. Holitech Technology Co | Allmed Medical vs. Zotye Automobile Co | Allmed Medical vs. Bus Online Co | Allmed Medical vs. Cultural Investment Holdings |
| Bohai Leasing vs. Aba Chemicals Corp | Bohai Leasing vs. Allmed Medical Products | Bohai Leasing vs. Shandong Polymer Biochemicals | Bohai Leasing vs. Chison Medical Technologies |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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