Correlation Between Winner Medical and Guangzhou Seagull
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By analyzing existing cross correlation between Winner Medical Co and Guangzhou Seagull Kitchen, you can compare the effects of market volatilities on Winner Medical and Guangzhou Seagull 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 Guangzhou Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Guangzhou Seagull.
Diversification Opportunities for Winner Medical and Guangzhou Seagull
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Winner and Guangzhou is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Guangzhou Seagull Kitchen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Seagull Kitchen 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 Guangzhou Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Seagull Kitchen has no effect on the direction of Winner Medical i.e., Winner Medical and Guangzhou Seagull go up and down completely randomly.
Pair Corralation between Winner Medical and Guangzhou Seagull
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 0.98 times more return on investment than Guangzhou Seagull. However, Winner Medical Co is 1.02 times less risky than Guangzhou Seagull. It trades about 0.26 of its potential returns per unit of risk. Guangzhou Seagull Kitchen is currently generating about 0.1 per unit of risk. If you would invest 3,058 in Winner Medical Co on August 28, 2024 and sell it today you would earn a total of 414.00 from holding Winner Medical Co or generate 13.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Guangzhou Seagull Kitchen
Performance |
| Timeline |
| Winner Medical |
| Guangzhou Seagull Kitchen |
Winner Medical and Guangzhou Seagull Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Guangzhou Seagull
The main advantage of trading using opposite Winner Medical and Guangzhou Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Guangzhou Seagull 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 Guangzhou Seagull will offset losses from the drop in Guangzhou Seagull's long position.| Winner Medical vs. Bank of China | Winner Medical vs. Kweichow Moutai Co | Winner Medical vs. PetroChina Co Ltd | Winner Medical vs. Bank of Communications |
| Guangzhou Seagull vs. Suzhou Xingye Material | Guangzhou Seagull vs. Fujian Longzhou Transportation | Guangzhou Seagull vs. King Strong New Material | Guangzhou Seagull vs. Sinosteel Luonai Materials |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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