Correlation Between Shenzhen Mindray and Threes Company
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By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and Threes Company Media, you can compare the effects of market volatilities on Shenzhen Mindray and Threes Company 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 Threes Company. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and Threes Company.
Diversification Opportunities for Shenzhen Mindray and Threes Company
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Threes is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio Medical and Threes Company Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Threes Company 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 Threes Company. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Threes Company has no effect on the direction of Shenzhen Mindray i.e., Shenzhen Mindray and Threes Company go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and Threes Company
Assuming the 90 days trading horizon Shenzhen Mindray Bio Medical is expected to generate 0.55 times more return on investment than Threes Company. However, Shenzhen Mindray Bio Medical is 1.83 times less risky than Threes Company. It trades about 0.0 of its potential returns per unit of risk. Threes Company Media is currently generating about -0.03 per unit of risk. If you would invest 28,817 in Shenzhen Mindray Bio Medical on September 12, 2024 and sell it today you would lose (2,519) from holding Shenzhen Mindray Bio Medical or give up 8.74% 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. Threes Company Media
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| Threes Company |
Shenzhen Mindray and Threes Company Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and Threes Company
The main advantage of trading using opposite Shenzhen Mindray and Threes Company positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray position performs unexpectedly, Threes Company 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 Threes Company will offset losses from the drop in Threes Company'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 |
| Threes Company vs. Kweichow Moutai Co | Threes Company vs. Shenzhen Mindray Bio Medical | Threes Company vs. G bits Network Technology | Threes Company 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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