Correlation Between Allmed Medical and Tianjin Ruixin
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By analyzing existing cross correlation between Allmed Medical Products and Tianjin Ruixin Technology, you can compare the effects of market volatilities on Allmed Medical and Tianjin Ruixin 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 Tianjin Ruixin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Tianjin Ruixin.
Diversification Opportunities for Allmed Medical and Tianjin Ruixin
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Allmed and Tianjin is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and Tianjin Ruixin Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Ruixin Technology 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 Tianjin Ruixin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Ruixin Technology has no effect on the direction of Allmed Medical i.e., Allmed Medical and Tianjin Ruixin go up and down completely randomly.
Pair Corralation between Allmed Medical and Tianjin Ruixin
Assuming the 90 days trading horizon Allmed Medical Products is expected to generate 0.69 times more return on investment than Tianjin Ruixin. However, Allmed Medical Products is 1.45 times less risky than Tianjin Ruixin. It trades about 0.17 of its potential returns per unit of risk. Tianjin Ruixin Technology is currently generating about -0.09 per unit of risk. If you would invest 889.00 in Allmed Medical Products on October 30, 2024 and sell it today you would earn a total of 68.00 from holding Allmed Medical Products or generate 7.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. Tianjin Ruixin Technology
Performance |
| Timeline |
| Allmed Medical Products |
| Tianjin Ruixin Technology |
Allmed Medical and Tianjin Ruixin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Tianjin Ruixin
The main advantage of trading using opposite Allmed Medical and Tianjin Ruixin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical position performs unexpectedly, Tianjin Ruixin 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 Tianjin Ruixin will offset losses from the drop in Tianjin Ruixin's long position.| Allmed Medical vs. Agricultural Bank of | Allmed Medical vs. Industrial and Commercial | Allmed Medical vs. Bank of China | Allmed Medical vs. China Construction Bank |
| Tianjin Ruixin vs. Zijin Mining Group | Tianjin Ruixin vs. Wanhua Chemical Group | Tianjin Ruixin vs. Baoshan Iron Steel | Tianjin Ruixin vs. Shandong Gold Mining |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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