Correlation Between Winner Medical and Fujian Newland
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By analyzing existing cross correlation between Winner Medical Co and Fujian Newland Computer, you can compare the effects of market volatilities on Winner Medical and Fujian Newland 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 Fujian Newland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Fujian Newland.
Diversification Opportunities for Winner Medical and Fujian Newland
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Winner and Fujian is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Fujian Newland Computer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Newland Computer 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 Fujian Newland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Newland Computer has no effect on the direction of Winner Medical i.e., Winner Medical and Fujian Newland go up and down completely randomly.
Pair Corralation between Winner Medical and Fujian Newland
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Fujian Newland. But the stock apears to be less risky and, when comparing its historical volatility, Winner Medical Co is 1.11 times less risky than Fujian Newland. The stock trades about 0.0 of its potential returns per unit of risk. The Fujian Newland Computer is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,423 in Fujian Newland Computer on October 27, 2024 and sell it today you would earn a total of 576.00 from holding Fujian Newland Computer or generate 40.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Fujian Newland Computer
Performance |
| Timeline |
| Winner Medical |
| Fujian Newland Computer |
Winner Medical and Fujian Newland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Fujian Newland
The main advantage of trading using opposite Winner Medical and Fujian Newland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Fujian Newland 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 Fujian Newland will offset losses from the drop in Fujian Newland's long position.| Winner Medical vs. Agricultural Bank of | Winner Medical vs. Industrial and Commercial | Winner Medical vs. Bank of China | Winner Medical vs. China Construction Bank |
| Fujian Newland vs. Shantui Construction Machinery | Fujian Newland vs. Senci Electric Machinery | Fujian Newland vs. Linzhou Heavy Machinery | Fujian Newland vs. Fujian Oriental Silver |
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 Stocks Directory module to find actively traded stocks across global markets.
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