Correlation Between Shenzhen Mindray and Sportsoul
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By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and Sportsoul Co Ltd, you can compare the effects of market volatilities on Shenzhen Mindray and Sportsoul 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 Shenzhen Mindray with a short position of Sportsoul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and Sportsoul.
Diversification Opportunities for Shenzhen Mindray and Sportsoul
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Sportsoul is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio Medical and Sportsoul Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sportsoul and Shenzhen Mindray 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 Shenzhen Mindray Bio Medical are associated (or correlated) with Sportsoul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sportsoul has no effect on the direction of Shenzhen Mindray i.e., Shenzhen Mindray and Sportsoul go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and Sportsoul
Assuming the 90 days trading horizon Shenzhen Mindray Bio Medical is expected to under-perform the Sportsoul. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen Mindray Bio Medical is 2.09 times less risky than Sportsoul. The stock trades about -0.26 of its potential returns per unit of risk. The Sportsoul Co Ltd is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 1,073 in Sportsoul Co Ltd on November 5, 2024 and sell it today you would earn a total of 82.00 from holding Sportsoul Co Ltd or generate 7.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Mindray Bio Medical vs. Sportsoul Co Ltd
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| Sportsoul |
Shenzhen Mindray and Sportsoul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and Sportsoul
The main advantage of trading using opposite Shenzhen Mindray and Sportsoul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray position performs unexpectedly, Sportsoul 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 Sportsoul will offset losses from the drop in Sportsoul's long position.| Shenzhen Mindray vs. Anhui Jianghuai Automobile | Shenzhen Mindray vs. Soyea Technology Co | Shenzhen Mindray vs. Holitech Technology Co | Shenzhen Mindray vs. Bangyan Technology Co |
| Sportsoul vs. Zoje Resources Investment | Sportsoul vs. Hunan Investment Group | Sportsoul vs. ZYF Lopsking Aluminum | Sportsoul vs. China Aluminum International |
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 CEOs Directory module to screen CEOs from public companies around the world.
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