Correlation Between Winner Medical Co and By Health
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By analyzing existing cross correlation between Winner Medical Co and By health, you can compare the effects of market volatilities on Winner Medical Co and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical Co and By Health.
Diversification Opportunities for Winner Medical Co and By Health
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Winner and 300146 is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Winner Medical Co i.e., Winner Medical Co and By Health go up and down completely randomly.
Pair Corralation between Winner Medical Co and By Health
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.16 times more return on investment than By Health. However, Winner Medical Co is 1.16 times more volatile than By health. It trades about 0.23 of its potential returns per unit of risk. By health is currently generating about -0.03 per unit of risk. If you would invest 3,119 in Winner Medical Co on September 1, 2024 and sell it today you would earn a total of 378.00 from holding Winner Medical Co or generate 12.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. By health
Performance |
| Timeline |
| Winner Medical Co |
| By health |
Winner Medical Co and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical Co and By Health
The main advantage of trading using opposite Winner Medical Co and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical Co position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health'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 |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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