Correlation Between Allmed Medical and Xiamen CD
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By analyzing existing cross correlation between Allmed Medical Products and Xiamen CD, you can compare the effects of market volatilities on Allmed Medical and Xiamen CD 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 Xiamen CD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Xiamen CD.
Diversification Opportunities for Allmed Medical and Xiamen CD
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Allmed and Xiamen is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and Xiamen CD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen CD 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 Xiamen CD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen CD has no effect on the direction of Allmed Medical i.e., Allmed Medical and Xiamen CD go up and down completely randomly.
Pair Corralation between Allmed Medical and Xiamen CD
Assuming the 90 days trading horizon Allmed Medical Products is expected to generate 1.11 times more return on investment than Xiamen CD. However, Allmed Medical is 1.11 times more volatile than Xiamen CD. It trades about 0.03 of its potential returns per unit of risk. Xiamen CD is currently generating about 0.0 per unit of risk. If you would invest 852.00 in Allmed Medical Products on September 3, 2024 and sell it today you would earn a total of 48.00 from holding Allmed Medical Products or generate 5.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. Xiamen CD
Performance |
| Timeline |
| Allmed Medical Products |
| Xiamen CD |
Allmed Medical and Xiamen CD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Xiamen CD
The main advantage of trading using opposite Allmed Medical and Xiamen CD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical position performs unexpectedly, Xiamen CD 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 Xiamen CD will offset losses from the drop in Xiamen CD's long position.| Allmed Medical vs. FSPG Hi Tech Co | Allmed Medical vs. Caihong Display Devices | Allmed Medical vs. Suzhou Mingzhi Technology | Allmed Medical vs. Jonjee Hi tech Industrial |
| Xiamen CD vs. Sichuan Yahua Industrial | Xiamen CD vs. Cofoe Medical Technology | Xiamen CD vs. Jiangxi Selon Industrial | Xiamen CD vs. Allmed Medical Products |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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