Correlation Between Winner Medical Co and Guangzhou Haige
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By analyzing existing cross correlation between Winner Medical Co and Guangzhou Haige Communications, you can compare the effects of market volatilities on Winner Medical Co and Guangzhou Haige 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 Guangzhou Haige. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical Co and Guangzhou Haige.
Diversification Opportunities for Winner Medical Co and Guangzhou Haige
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Winner and Guangzhou is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Guangzhou Haige Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Haige Comm 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 Guangzhou Haige. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Haige Comm has no effect on the direction of Winner Medical Co i.e., Winner Medical Co and Guangzhou Haige go up and down completely randomly.
Pair Corralation between Winner Medical Co and Guangzhou Haige
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.14 times less return on investment than Guangzhou Haige. But when comparing it to its historical volatility, Winner Medical Co is 1.51 times less risky than Guangzhou Haige. It trades about 0.23 of its potential returns per unit of risk. Guangzhou Haige Communications is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 1,131 in Guangzhou Haige Communications on September 1, 2024 and sell it today you would earn a total of 149.00 from holding Guangzhou Haige Communications or generate 13.17% 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 Haige Communications
Performance |
| Timeline |
| Winner Medical Co |
| Guangzhou Haige Comm |
Winner Medical Co and Guangzhou Haige Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical Co and Guangzhou Haige
The main advantage of trading using opposite Winner Medical Co and Guangzhou Haige positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical Co position performs unexpectedly, Guangzhou Haige 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 Haige will offset losses from the drop in Guangzhou Haige's long position.| Winner Medical Co vs. Nanjing Putian Telecommunications | Winner Medical Co vs. Shenzhen Hifuture Electric | Winner Medical Co vs. Tianjin Realty Development | Winner Medical Co vs. Shenyang Huitian Thermal |
| Guangzhou Haige vs. Industrial and Commercial | Guangzhou Haige vs. Kweichow Moutai Co | Guangzhou Haige vs. Agricultural Bank of | Guangzhou Haige vs. China Mobile Limited |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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