Correlation Between Winner Medical and Guangdong Wens
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By analyzing existing cross correlation between Winner Medical Co and Guangdong Wens Foodstuff, you can compare the effects of market volatilities on Winner Medical and Guangdong Wens 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 Guangdong Wens. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Guangdong Wens.
Diversification Opportunities for Winner Medical and Guangdong Wens
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Winner and Guangdong is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Guangdong Wens Foodstuff in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Wens Foodstuff 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 Guangdong Wens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Wens Foodstuff has no effect on the direction of Winner Medical i.e., Winner Medical and Guangdong Wens go up and down completely randomly.
Pair Corralation between Winner Medical and Guangdong Wens
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 2.18 times more return on investment than Guangdong Wens. However, Winner Medical is 2.18 times more volatile than Guangdong Wens Foodstuff. It trades about -0.1 of its potential returns per unit of risk. Guangdong Wens Foodstuff is currently generating about -0.24 per unit of risk. If you would invest 4,268 in Winner Medical Co on October 28, 2024 and sell it today you would lose (246.00) from holding Winner Medical Co or give up 5.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Guangdong Wens Foodstuff
Performance |
| Timeline |
| Winner Medical |
| Guangdong Wens Foodstuff |
Winner Medical and Guangdong Wens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Guangdong Wens
The main advantage of trading using opposite Winner Medical and Guangdong Wens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Guangdong Wens 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 Guangdong Wens will offset losses from the drop in Guangdong Wens' 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 |
| Guangdong Wens vs. Shanghai Phichem Material | Guangdong Wens vs. Western Metal Materials | Guangdong Wens vs. China Building Material | Guangdong Wens vs. Liaoning Dingjide Petrochemical |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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