Correlation Between Guangzhou Boji and Winner Medical
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By analyzing existing cross correlation between Guangzhou Boji Medical and Winner Medical Co, you can compare the effects of market volatilities on Guangzhou Boji and Winner Medical 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 Guangzhou Boji with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Boji and Winner Medical.
Diversification Opportunities for Guangzhou Boji and Winner Medical
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Guangzhou and Winner is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Boji Medical and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Guangzhou Boji 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 Guangzhou Boji Medical are associated (or correlated) with Winner Medical. 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 has no effect on the direction of Guangzhou Boji i.e., Guangzhou Boji and Winner Medical go up and down completely randomly.
Pair Corralation between Guangzhou Boji and Winner Medical
Assuming the 90 days trading horizon Guangzhou Boji Medical is expected to under-perform the Winner Medical. In addition to that, Guangzhou Boji is 1.29 times more volatile than Winner Medical Co. It trades about 0.0 of its total potential returns per unit of risk. Winner Medical Co is currently generating about 0.09 per unit of volatility. If you would invest 3,384 in Winner Medical Co on September 3, 2024 and sell it today you would earn a total of 113.00 from holding Winner Medical Co or generate 3.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Boji Medical vs. Winner Medical Co
Performance |
| Timeline |
| Guangzhou Boji Medical |
| Winner Medical |
Guangzhou Boji and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Boji and Winner Medical
The main advantage of trading using opposite Guangzhou Boji and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Boji position performs unexpectedly, Winner Medical 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 will offset losses from the drop in Winner Medical's long position.| Guangzhou Boji vs. Chengdu Kanghua Biological | Guangzhou Boji vs. Beijing Wantai Biological | Guangzhou Boji vs. Suzhou Novoprotein Scientific | Guangzhou Boji vs. Aluminum Corp of |
| Winner Medical vs. Dymatic Chemicals | Winner Medical vs. Changjiang Jinggong Steel | Winner Medical vs. Panda Dairy Corp | Winner Medical vs. Hubei Xingfa Chemicals |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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