Correlation Between Shenzhen Mindray and Thinkingdom Media
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By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and Thinkingdom Media Group, you can compare the effects of market volatilities on Shenzhen Mindray and Thinkingdom Media 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 Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and Thinkingdom Media.
Diversification Opportunities for Shenzhen Mindray and Thinkingdom Media
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Thinkingdom is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio Medical and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media 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 Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of Shenzhen Mindray i.e., Shenzhen Mindray and Thinkingdom Media go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and Thinkingdom Media
Assuming the 90 days trading horizon Shenzhen Mindray Bio Medical is expected to under-perform the Thinkingdom Media. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen Mindray Bio Medical is 1.47 times less risky than Thinkingdom Media. The stock trades about 0.0 of its potential returns per unit of risk. The Thinkingdom Media Group is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,851 in Thinkingdom Media Group on September 12, 2024 and sell it today you would earn a total of 227.00 from holding Thinkingdom Media Group or generate 12.26% 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. Thinkingdom Media Group
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| Thinkingdom Media |
Shenzhen Mindray and Thinkingdom Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and Thinkingdom Media
The main advantage of trading using opposite Shenzhen Mindray and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's 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 |
| Thinkingdom Media vs. Kweichow Moutai Co | Thinkingdom Media vs. Shenzhen Mindray Bio Medical | Thinkingdom Media vs. G bits Network Technology | Thinkingdom Media vs. Beijing Roborock Technology |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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