Correlation Between By Health and Winner Medical Co
Specify exactly 2 symbols:
By analyzing existing cross correlation between By health and Winner Medical Co, you can compare the effects of market volatilities on By Health 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 By Health with a short position of Winner Medical Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of By Health and Winner Medical Co.
Diversification Opportunities for By Health and Winner Medical Co
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 300146 and Winner is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding By health 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 By Health 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 By health 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 By Health i.e., By Health and Winner Medical Co go up and down completely randomly.
Pair Corralation between By Health and Winner Medical Co
Assuming the 90 days trading horizon By health is expected to under-perform the Winner Medical Co. But the stock apears to be less risky and, when comparing its historical volatility, By health is 1.16 times less risky than Winner Medical Co. The stock trades about -0.03 of its potential returns per unit of risk. The Winner Medical Co is currently generating about 0.23 of returns per unit of risk over similar time horizon. 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 | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
By health vs. Winner Medical Co
Performance |
| Timeline |
| By health |
| Winner Medical Co |
By Health and Winner Medical Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with By Health and Winner Medical Co
The main advantage of trading using opposite By Health and Winner Medical Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if By Health 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.| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
| 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Positions Ratings 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 | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |