Correlation Between Winner Medical and Zhongshan Broad
Specify exactly 2 symbols:
By analyzing existing cross correlation between Winner Medical Co and Zhongshan Broad Ocean Motor, you can compare the effects of market volatilities on Winner Medical and Zhongshan Broad 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 Zhongshan Broad. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Zhongshan Broad.
Diversification Opportunities for Winner Medical and Zhongshan Broad
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Winner and Zhongshan is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Zhongshan Broad Ocean Motor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongshan Broad Ocean 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 Zhongshan Broad. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongshan Broad Ocean has no effect on the direction of Winner Medical i.e., Winner Medical and Zhongshan Broad go up and down completely randomly.
Pair Corralation between Winner Medical and Zhongshan Broad
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Zhongshan Broad. But the stock apears to be less risky and, when comparing its historical volatility, Winner Medical Co is 1.03 times less risky than Zhongshan Broad. The stock trades about -0.2 of its potential returns per unit of risk. The Zhongshan Broad Ocean Motor is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 566.00 in Zhongshan Broad Ocean Motor on October 15, 2024 and sell it today you would lose (24.00) from holding Zhongshan Broad Ocean Motor or give up 4.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Zhongshan Broad Ocean Motor
Performance |
| Timeline |
| Winner Medical |
| Zhongshan Broad Ocean |
Winner Medical and Zhongshan Broad Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Zhongshan Broad
The main advantage of trading using opposite Winner Medical and Zhongshan Broad positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Zhongshan Broad 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 Zhongshan Broad will offset losses from the drop in Zhongshan Broad's long position.| Winner Medical vs. Anhui Xinhua Media | Winner Medical vs. Ciwen Media Co | Winner Medical vs. JiShi Media Co | Winner Medical vs. Mango Excellent Media |
| Zhongshan Broad vs. Eyebright Medical Technology | Zhongshan Broad vs. Hengkang Medical Group | Zhongshan Broad vs. Winner Medical Co | Zhongshan Broad vs. Ningxia Younglight Chemicals |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |