Correlation Between Winner Medical and Kuang Chi
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By analyzing existing cross correlation between Winner Medical Co and Kuang Chi Technologies, you can compare the effects of market volatilities on Winner Medical and Kuang Chi 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 Kuang Chi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Kuang Chi.
Diversification Opportunities for Winner Medical and Kuang Chi
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Winner and Kuang is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Kuang Chi Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kuang Chi Technologies 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 Kuang Chi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kuang Chi Technologies has no effect on the direction of Winner Medical i.e., Winner Medical and Kuang Chi go up and down completely randomly.
Pair Corralation between Winner Medical and Kuang Chi
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Kuang Chi. But the stock apears to be less risky and, when comparing its historical volatility, Winner Medical Co is 1.29 times less risky than Kuang Chi. The stock trades about 0.0 of its potential returns per unit of risk. The Kuang Chi Technologies is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,858 in Kuang Chi Technologies on October 27, 2024 and sell it today you would earn a total of 2,249 from holding Kuang Chi Technologies or generate 121.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Kuang Chi Technologies
Performance |
| Timeline |
| Winner Medical |
| Kuang Chi Technologies |
Winner Medical and Kuang Chi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Kuang Chi
The main advantage of trading using opposite Winner Medical and Kuang Chi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Kuang Chi 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 Kuang Chi will offset losses from the drop in Kuang Chi'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 |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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