Correlation Between Allmed Medical and Tibet Huayu
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By analyzing existing cross correlation between Allmed Medical Products and Tibet Huayu Mining, you can compare the effects of market volatilities on Allmed Medical and Tibet Huayu 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 Tibet Huayu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Tibet Huayu.
Diversification Opportunities for Allmed Medical and Tibet Huayu
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Allmed and Tibet is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and Tibet Huayu Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tibet Huayu Mining 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 Tibet Huayu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tibet Huayu Mining has no effect on the direction of Allmed Medical i.e., Allmed Medical and Tibet Huayu go up and down completely randomly.
Pair Corralation between Allmed Medical and Tibet Huayu
Assuming the 90 days trading horizon Allmed Medical Products is expected to generate 0.8 times more return on investment than Tibet Huayu. However, Allmed Medical Products is 1.25 times less risky than Tibet Huayu. It trades about 0.13 of its potential returns per unit of risk. Tibet Huayu Mining is currently generating about 0.04 per unit of risk. If you would invest 636.00 in Allmed Medical Products on October 26, 2024 and sell it today you would earn a total of 293.00 from holding Allmed Medical Products or generate 46.07% 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. Tibet Huayu Mining
Performance |
| Timeline |
| Allmed Medical Products |
| Tibet Huayu Mining |
Allmed Medical and Tibet Huayu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Tibet Huayu
The main advantage of trading using opposite Allmed Medical and Tibet Huayu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical position performs unexpectedly, Tibet Huayu 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 Tibet Huayu will offset losses from the drop in Tibet Huayu'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 |
| Tibet Huayu vs. Allmed Medical Products | Tibet Huayu vs. Wuhan Hvsen Biotechnology | Tibet Huayu vs. Double Medical Technology | Tibet Huayu vs. Sichuan Hebang Biotechnology |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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