Correlation Between Winner Medical Co and Oriental Times
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By analyzing existing cross correlation between Winner Medical Co and Oriental Times Media, you can compare the effects of market volatilities on Winner Medical Co and Oriental Times 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 Co with a short position of Oriental Times. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical Co and Oriental Times.
Diversification Opportunities for Winner Medical Co and Oriental Times
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Winner and Oriental is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Oriental Times Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oriental Times Media and Winner Medical Co 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 Oriental Times. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oriental Times Media has no effect on the direction of Winner Medical Co i.e., Winner Medical Co and Oriental Times go up and down completely randomly.
Pair Corralation between Winner Medical Co and Oriental Times
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Oriental Times. But the stock apears to be less risky and, when comparing its historical volatility, Winner Medical Co is 2.34 times less risky than Oriental Times. The stock trades about -0.31 of its potential returns per unit of risk. The Oriental Times Media is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 487.00 in Oriental Times Media on November 22, 2024 and sell it today you would earn a total of 116.00 from holding Oriental Times Media or generate 23.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Oriental Times Media
Performance |
| Timeline |
| Winner Medical Co |
| Oriental Times Media |
Winner Medical Co and Oriental Times Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical Co and Oriental Times
The main advantage of trading using opposite Winner Medical Co and Oriental Times positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical Co position performs unexpectedly, Oriental Times 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 Oriental Times will offset losses from the drop in Oriental Times' long position.| Winner Medical Co vs. Uroica Mining Safety | Winner Medical Co vs. Hainan Mining Co | Winner Medical Co vs. JCHX Mining Management | Winner Medical Co vs. XCMG Construction Machinery |
| Oriental Times vs. Guangdong Jingyi Metal | Oriental Times vs. Hua Xia Bank | Oriental Times vs. Peoples Insurance of | Oriental Times vs. Yoantion Industrial IncLtd |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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