Correlation Between Winner Medical and Cofco Biochemical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Winner Medical Co and Cofco Biochemical Anhui, you can compare the effects of market volatilities on Winner Medical and Cofco Biochemical 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 Cofco Biochemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Cofco Biochemical.
Diversification Opportunities for Winner Medical and Cofco Biochemical
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Winner and Cofco is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Cofco Biochemical Anhui in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofco Biochemical Anhui 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 Cofco Biochemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofco Biochemical Anhui has no effect on the direction of Winner Medical i.e., Winner Medical and Cofco Biochemical go up and down completely randomly.
Pair Corralation between Winner Medical and Cofco Biochemical
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 2.29 times more return on investment than Cofco Biochemical. However, Winner Medical is 2.29 times more volatile than Cofco Biochemical Anhui. It trades about -0.13 of its potential returns per unit of risk. Cofco Biochemical Anhui is currently generating about -0.41 per unit of risk. If you would invest 4,326 in Winner Medical Co on October 17, 2024 and sell it today you would lose (381.00) from holding Winner Medical Co or give up 8.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Cofco Biochemical Anhui
Performance |
| Timeline |
| Winner Medical |
| Cofco Biochemical Anhui |
Winner Medical and Cofco Biochemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Cofco Biochemical
The main advantage of trading using opposite Winner Medical and Cofco Biochemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Cofco Biochemical 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 Cofco Biochemical will offset losses from the drop in Cofco Biochemical's long position.| Winner Medical vs. Nanjing Vishee Medical | Winner Medical vs. Allmed Medical Products | Winner Medical vs. Juneyao Airlines | Winner Medical vs. Spring Airlines Co |
| Cofco Biochemical vs. Chison Medical Technologies | Cofco Biochemical vs. Winner Medical Co | Cofco Biochemical vs. Eyebright Medical Technology | Cofco Biochemical vs. Kunwu Jiuding Investment |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |