Correlation Between Shenzhen Mindray and Beijing Roborock
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By analyzing existing cross correlation between Shenzhen Mindray Bio Medical and Beijing Roborock Technology, you can compare the effects of market volatilities on Shenzhen Mindray and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Mindray and Beijing Roborock.
Diversification Opportunities for Shenzhen Mindray and Beijing Roborock
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Beijing is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Mindray Bio Medical and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Shenzhen Mindray i.e., Shenzhen Mindray and Beijing Roborock go up and down completely randomly.
Pair Corralation between Shenzhen Mindray and Beijing Roborock
Assuming the 90 days trading horizon Shenzhen Mindray Bio Medical is expected to under-perform the Beijing Roborock. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen Mindray Bio Medical is 1.8 times less risky than Beijing Roborock. The stock trades about -0.01 of its potential returns per unit of risk. The Beijing Roborock Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 19,285 in Beijing Roborock Technology on August 25, 2024 and sell it today you would earn a total of 1,067 from holding Beijing Roborock Technology or generate 5.53% 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. Beijing Roborock Technology
Performance |
| Timeline |
| Shenzhen Mindray Bio |
| Beijing Roborock Tec |
Shenzhen Mindray and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Mindray and Beijing Roborock
The main advantage of trading using opposite Shenzhen Mindray and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Mindray position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Shenzhen Mindray vs. Luolai Home Textile | Shenzhen Mindray vs. Ziel Home Furnishing | Shenzhen Mindray vs. Songz Automobile Air | Shenzhen Mindray vs. Guangdong Shenglu Telecommunication |
| Beijing Roborock vs. Dezhan HealthCare Co | Beijing Roborock vs. Holitech Technology Co | Beijing Roborock vs. Hangzhou Coco Healthcare | Beijing Roborock vs. PKU HealthCare Corp |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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