Correlation Between Shenzhen Mindray and Taiji Computer
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By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and Taiji Computer Corp, you can compare the effects of market volatilities on Shenzhen Mindray and Taiji Computer 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 Taiji Computer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and Taiji Computer.
Diversification Opportunities for Shenzhen Mindray and Taiji Computer
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Taiji is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio Medical and Taiji Computer Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Taiji Computer Corp 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 Taiji Computer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Taiji Computer Corp has no effect on the direction of Shenzhen Mindray i.e., Shenzhen Mindray and Taiji Computer go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and Taiji Computer
If you would invest 2,200 in Taiji Computer Corp on October 14, 2024 and sell it today you would lose (84.00) from holding Taiji Computer Corp or give up 3.82% 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. Taiji Computer Corp
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| Taiji Computer Corp |
Shenzhen Mindray and Taiji Computer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and Taiji Computer
The main advantage of trading using opposite Shenzhen Mindray and Taiji Computer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray position performs unexpectedly, Taiji Computer 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 Taiji Computer will offset losses from the drop in Taiji Computer's long position.| Shenzhen Mindray vs. Qumei Furniture Group | Shenzhen Mindray vs. UE Furniture Co | Shenzhen Mindray vs. Shanghai Yaoji Playing | Shenzhen Mindray vs. Shenzhen SDG Information |
| Taiji Computer vs. Maoming Petro Chemical Shihua | Taiji Computer vs. Jinling Hotel Corp | Taiji Computer vs. Wuxi Chemical Equipment | Taiji Computer vs. Xiangtan Electrochemical Scientific |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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