Correlation Between Winner Medical and Lander Sports
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By analyzing existing cross correlation between Winner Medical Co and Lander Sports Development, you can compare the effects of market volatilities on Winner Medical and Lander Sports 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 Winner Medical with a short position of Lander Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Lander Sports.
Diversification Opportunities for Winner Medical and Lander Sports
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Winner and Lander is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Lander Sports Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lander Sports Development and Winner Medical 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 Winner Medical Co are associated (or correlated) with Lander Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lander Sports Development has no effect on the direction of Winner Medical i.e., Winner Medical and Lander Sports go up and down completely randomly.
Pair Corralation between Winner Medical and Lander Sports
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Lander Sports. But the stock apears to be less risky and, when comparing its historical volatility, Winner Medical Co is 1.1 times less risky than Lander Sports. The stock trades about -0.02 of its potential returns per unit of risk. The Lander Sports Development is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 306.00 in Lander Sports Development on August 29, 2024 and sell it today you would lose (13.00) from holding Lander Sports Development or give up 4.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Lander Sports Development
Performance |
| Timeline |
| Winner Medical |
| Lander Sports Development |
Winner Medical and Lander Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Lander Sports
The main advantage of trading using opposite Winner Medical and Lander Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Lander Sports 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 Lander Sports will offset losses from the drop in Lander Sports' long position.| Winner Medical vs. Industrial and Commercial | Winner Medical vs. China Construction Bank | Winner Medical vs. Agricultural Bank of | Winner Medical vs. Bank of China |
| Lander Sports vs. Cambricon Technologies Corp | Lander Sports vs. Empyrean Technology Co | Lander Sports vs. Kuang Chi Technologies | Lander Sports vs. Gansu Jiu Steel |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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