Correlation Between Shenzhen Mindray and Shenzhen Coship
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By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and Shenzhen Coship Electronics, you can compare the effects of market volatilities on Shenzhen Mindray and Shenzhen Coship 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 Shenzhen Coship. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and Shenzhen Coship.
Diversification Opportunities for Shenzhen Mindray and Shenzhen Coship
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shenzhen and Shenzhen is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio Medical and Shenzhen Coship Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Coship Elec 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 Shenzhen Coship. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Coship Elec has no effect on the direction of Shenzhen Mindray i.e., Shenzhen Mindray and Shenzhen Coship go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and Shenzhen Coship
Assuming the 90 days trading horizon Shenzhen Mindray Bio Medical is expected to under-perform the Shenzhen Coship. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen Mindray Bio Medical is 1.44 times less risky than Shenzhen Coship. The stock trades about -0.01 of its potential returns per unit of risk. The Shenzhen Coship Electronics is currently generating about 0.34 of returns per unit of risk over similar time horizon. If you would invest 144.00 in Shenzhen Coship Electronics on October 25, 2024 and sell it today you would earn a total of 522.00 from holding Shenzhen Coship Electronics or generate 362.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Mindray Bio Medical vs. Shenzhen Coship Electronics
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| Shenzhen Coship Elec |
Shenzhen Mindray and Shenzhen Coship Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and Shenzhen Coship
The main advantage of trading using opposite Shenzhen Mindray and Shenzhen Coship positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray position performs unexpectedly, Shenzhen Coship 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 Shenzhen Coship will offset losses from the drop in Shenzhen Coship's long position.| Shenzhen Mindray vs. Ligao Foods CoLtd | Shenzhen Mindray vs. New Hope Dairy | Shenzhen Mindray vs. Zhongjing Food Co | Shenzhen Mindray vs. HaiXin Foods Co |
| Shenzhen Coship vs. Jiahe Foods Industry | Shenzhen Coship vs. Gan Yuan Foods | Shenzhen Coship vs. XinJiang GuoTong Pipeline | Shenzhen Coship vs. Great Sun Foods 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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