Correlation Between Allmed Medical and Luyin Investment
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By analyzing existing cross correlation between Allmed Medical Products and Luyin Investment Group, you can compare the effects of market volatilities on Allmed Medical and Luyin Investment 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 Luyin Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Luyin Investment.
Diversification Opportunities for Allmed Medical and Luyin Investment
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Allmed and Luyin is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and Luyin Investment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Luyin Investment 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 Luyin Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Luyin Investment has no effect on the direction of Allmed Medical i.e., Allmed Medical and Luyin Investment go up and down completely randomly.
Pair Corralation between Allmed Medical and Luyin Investment
Assuming the 90 days trading horizon Allmed Medical Products is expected to generate 0.85 times more return on investment than Luyin Investment. However, Allmed Medical Products is 1.18 times less risky than Luyin Investment. It trades about 0.24 of its potential returns per unit of risk. Luyin Investment Group is currently generating about -0.02 per unit of risk. If you would invest 865.00 in Allmed Medical Products on November 2, 2024 and sell it today you would earn a total of 92.00 from holding Allmed Medical Products or generate 10.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. Luyin Investment Group
Performance |
| Timeline |
| Allmed Medical Products |
| Luyin Investment |
Allmed Medical and Luyin Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Luyin Investment
The main advantage of trading using opposite Allmed Medical and Luyin Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical position performs unexpectedly, Luyin Investment 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 Luyin Investment will offset losses from the drop in Luyin Investment's long position.| Allmed Medical vs. Shanghai Rongtai Health | Allmed Medical vs. Fujian Wanchen Biotechnology | Allmed Medical vs. Humanwell Healthcare Group | Allmed Medical vs. Liaoning Chengda Biotechnology |
| Luyin Investment vs. Sanbo Hospital Management | Luyin Investment vs. APT Medical | Luyin Investment vs. Xiangyu Medical Co | Luyin Investment vs. Mingchen Health Co |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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