Correlation Between Allmed Medical and Winner Medical Co
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By analyzing existing cross correlation between Allmed Medical Products and Winner Medical Co, you can compare the effects of market volatilities on Allmed Medical and Winner Medical Co 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 Winner Medical Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Winner Medical Co.
Diversification Opportunities for Allmed Medical and Winner Medical Co
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Allmed and Winner is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical Co 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 Winner Medical Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical Co has no effect on the direction of Allmed Medical i.e., Allmed Medical and Winner Medical Co go up and down completely randomly.
Pair Corralation between Allmed Medical and Winner Medical Co
Assuming the 90 days trading horizon Allmed Medical is expected to generate 1.65 times less return on investment than Winner Medical Co. In addition to that, Allmed Medical is 1.38 times more volatile than Winner Medical Co. It trades about 0.1 of its total potential returns per unit of risk. Winner Medical Co is currently generating about 0.23 per unit of volatility. If you would invest 3,119 in Winner Medical Co on September 1, 2024 and sell it today you would earn a total of 378.00 from holding Winner Medical Co or generate 12.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. Winner Medical Co
Performance |
| Timeline |
| Allmed Medical Products |
| Winner Medical Co |
Allmed Medical and Winner Medical Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Winner Medical Co
The main advantage of trading using opposite Allmed Medical and Winner Medical Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical position performs unexpectedly, Winner Medical Co 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 Winner Medical Co will offset losses from the drop in Winner Medical Co's long position.| Allmed Medical vs. Nanjing Putian Telecommunications | Allmed Medical vs. Shenzhen Hifuture Electric | Allmed Medical vs. Tianjin Realty Development | Allmed Medical vs. Shenyang Huitian Thermal |
| Winner Medical Co vs. Nanjing Putian Telecommunications | Winner Medical Co vs. Shenzhen Hifuture Electric | Winner Medical Co vs. Tianjin Realty Development | Winner Medical Co vs. Shenyang Huitian Thermal |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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