Correlation Between Winner Medical and Blue Sail
Specify exactly 2 symbols:
By analyzing existing cross correlation between Winner Medical Co and Blue Sail Medical, you can compare the effects of market volatilities on Winner Medical and Blue Sail 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 Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Blue Sail.
Diversification Opportunities for Winner Medical and Blue Sail
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Winner and Blue is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical 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 Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Winner Medical i.e., Winner Medical and Blue Sail go up and down completely randomly.
Pair Corralation between Winner Medical and Blue Sail
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.22 times more return on investment than Blue Sail. However, Winner Medical is 1.22 times more volatile than Blue Sail Medical. It trades about 0.19 of its potential returns per unit of risk. Blue Sail Medical is currently generating about -0.05 per unit of risk. If you would invest 3,058 in Winner Medical Co on August 29, 2024 and sell it today you would earn a total of 326.00 from holding Winner Medical Co or generate 10.66% 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. Blue Sail Medical
Performance |
| Timeline |
| Winner Medical |
| Blue Sail Medical |
Winner Medical and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Blue Sail
The main advantage of trading using opposite Winner Medical and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Winner Medical vs. Industrial and Commercial | Winner Medical vs. China Construction Bank | Winner Medical vs. Agricultural Bank of | Winner Medical vs. Bank of China |
| Blue Sail vs. Industrial and Commercial | Blue Sail vs. China Construction Bank | Blue Sail vs. Agricultural Bank of | Blue Sail vs. Bank of China |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |