Correlation Between Winner Medical and Dymatic Chemicals
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By analyzing existing cross correlation between Winner Medical Co and Dymatic Chemicals, you can compare the effects of market volatilities on Winner Medical and Dymatic Chemicals 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 Dymatic Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Dymatic Chemicals.
Diversification Opportunities for Winner Medical and Dymatic Chemicals
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Winner and Dymatic is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Dymatic Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dymatic Chemicals 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 Dymatic Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dymatic Chemicals has no effect on the direction of Winner Medical i.e., Winner Medical and Dymatic Chemicals go up and down completely randomly.
Pair Corralation between Winner Medical and Dymatic Chemicals
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Dymatic Chemicals. In addition to that, Winner Medical is 1.04 times more volatile than Dymatic Chemicals. It trades about -0.03 of its total potential returns per unit of risk. Dymatic Chemicals is currently generating about -0.01 per unit of volatility. If you would invest 783.00 in Dymatic Chemicals on September 3, 2024 and sell it today you would lose (160.00) from holding Dymatic Chemicals or give up 20.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Dymatic Chemicals
Performance |
| Timeline |
| Winner Medical |
| Dymatic Chemicals |
Winner Medical and Dymatic Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Dymatic Chemicals
The main advantage of trading using opposite Winner Medical and Dymatic Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Dymatic Chemicals 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 Dymatic Chemicals will offset losses from the drop in Dymatic Chemicals' long position.| Winner Medical vs. Dymatic Chemicals | Winner Medical vs. Changjiang Jinggong Steel | Winner Medical vs. Panda Dairy Corp | Winner Medical vs. Hubei Xingfa Chemicals |
| Dymatic Chemicals vs. Jointo Energy Investment | Dymatic Chemicals vs. Tieling Newcity Investment | Dymatic Chemicals vs. Guangzhou Automobile Group | Dymatic Chemicals vs. Jiangsu Yueda Investment |
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