Correlation Between Allmed Medical and Shenzhen Zqgame
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By analyzing existing cross correlation between Allmed Medical Products and Shenzhen Zqgame, you can compare the effects of market volatilities on Allmed Medical and Shenzhen Zqgame 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 Shenzhen Zqgame. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Shenzhen Zqgame.
Diversification Opportunities for Allmed Medical and Shenzhen Zqgame
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Allmed and Shenzhen is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and Shenzhen Zqgame in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Zqgame 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 Shenzhen Zqgame. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Zqgame has no effect on the direction of Allmed Medical i.e., Allmed Medical and Shenzhen Zqgame go up and down completely randomly.
Pair Corralation between Allmed Medical and Shenzhen Zqgame
Assuming the 90 days trading horizon Allmed Medical Products is expected to under-perform the Shenzhen Zqgame. But the stock apears to be less risky and, when comparing its historical volatility, Allmed Medical Products is 1.89 times less risky than Shenzhen Zqgame. The stock trades about -0.19 of its potential returns per unit of risk. The Shenzhen Zqgame is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 1,816 in Shenzhen Zqgame on December 9, 2024 and sell it today you would lose (38.00) from holding Shenzhen Zqgame or give up 2.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. Shenzhen Zqgame
Performance |
| Timeline |
| Allmed Medical Products |
| Shenzhen Zqgame |
Allmed Medical and Shenzhen Zqgame Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Shenzhen Zqgame
The main advantage of trading using opposite Allmed Medical and Shenzhen Zqgame positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical position performs unexpectedly, Shenzhen Zqgame 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 Shenzhen Zqgame will offset losses from the drop in Shenzhen Zqgame's long position.| Allmed Medical vs. Tianjin Silvery Dragon | ||
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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