Correlation Between Shenzhen Mindray and Accelink Technologies
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and Accelink Technologies Co, you can compare the effects of market volatilities on Shenzhen Mindray and Accelink Technologies 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 Accelink Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and Accelink Technologies.
Diversification Opportunities for Shenzhen Mindray and Accelink Technologies
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Accelink is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio Medical and Accelink Technologies Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelink Technologies 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 Accelink Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelink Technologies has no effect on the direction of Shenzhen Mindray i.e., Shenzhen Mindray and Accelink Technologies go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and Accelink Technologies
Assuming the 90 days trading horizon Shenzhen Mindray Bio Medical is expected to generate 0.73 times more return on investment than Accelink Technologies. However, Shenzhen Mindray Bio Medical is 1.37 times less risky than Accelink Technologies. It trades about -0.17 of its potential returns per unit of risk. Accelink Technologies Co is currently generating about -0.28 per unit of risk. If you would invest 28,249 in Shenzhen Mindray Bio Medical on September 12, 2024 and sell it today you would lose (2,019) from holding Shenzhen Mindray Bio Medical or give up 7.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Mindray Bio Medical vs. Accelink Technologies Co
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| Accelink Technologies |
Shenzhen Mindray and Accelink Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and Accelink Technologies
The main advantage of trading using opposite Shenzhen Mindray and Accelink Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray position performs unexpectedly, Accelink Technologies 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 Accelink Technologies will offset losses from the drop in Accelink Technologies' long position.| Shenzhen Mindray vs. Cultural Investment Holdings | Shenzhen Mindray vs. Gome Telecom Equipment | Shenzhen Mindray vs. Holitech Technology Co | Shenzhen Mindray vs. Zotye Automobile Co |
| Accelink Technologies vs. Eastroc Beverage Group | Accelink Technologies vs. Hainan Mining Co | Accelink Technologies vs. Chengtun Mining Group | Accelink Technologies vs. Zijin Mining Group |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |