Correlation Between Winner Medical and Sichuan Fulin
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By analyzing existing cross correlation between Winner Medical Co and Sichuan Fulin Transportation, you can compare the effects of market volatilities on Winner Medical and Sichuan Fulin 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 Sichuan Fulin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Sichuan Fulin.
Diversification Opportunities for Winner Medical and Sichuan Fulin
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Winner and Sichuan is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Sichuan Fulin Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Fulin Transp 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 Sichuan Fulin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Fulin Transp has no effect on the direction of Winner Medical i.e., Winner Medical and Sichuan Fulin go up and down completely randomly.
Pair Corralation between Winner Medical and Sichuan Fulin
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Sichuan Fulin. In addition to that, Winner Medical is 1.04 times more volatile than Sichuan Fulin Transportation. It trades about -0.1 of its total potential returns per unit of risk. Sichuan Fulin Transportation is currently generating about -0.01 per unit of volatility. If you would invest 724.00 in Sichuan Fulin Transportation on October 28, 2024 and sell it today you would lose (7.00) from holding Sichuan Fulin Transportation or give up 0.97% 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. Sichuan Fulin Transportation
Performance |
| Timeline |
| Winner Medical |
| Sichuan Fulin Transp |
Winner Medical and Sichuan Fulin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Sichuan Fulin
The main advantage of trading using opposite Winner Medical and Sichuan Fulin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Sichuan Fulin 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 Sichuan Fulin will offset losses from the drop in Sichuan Fulin'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 |
| Sichuan Fulin vs. Yueyang Xingchang Petro Chemical | Sichuan Fulin vs. Xilong Chemical Co | Sichuan Fulin vs. Guangzhou Jointas Chemical | Sichuan Fulin vs. Eastroc Beverage Group |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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