Correlation Between Winner Medical and Shengtak New
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By analyzing existing cross correlation between Winner Medical Co and Shengtak New Material, you can compare the effects of market volatilities on Winner Medical and Shengtak New 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 Shengtak New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Shengtak New.
Diversification Opportunities for Winner Medical and Shengtak New
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Winner and Shengtak is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Shengtak New Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shengtak New Material 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 Shengtak New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shengtak New Material has no effect on the direction of Winner Medical i.e., Winner Medical and Shengtak New go up and down completely randomly.
Pair Corralation between Winner Medical and Shengtak New
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.88 times more return on investment than Shengtak New. However, Winner Medical is 1.88 times more volatile than Shengtak New Material. It trades about 0.13 of its potential returns per unit of risk. Shengtak New Material is currently generating about -0.19 per unit of risk. If you would invest 3,705 in Winner Medical Co on October 10, 2024 and sell it today you would earn a total of 307.00 from holding Winner Medical Co or generate 8.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Shengtak New Material
Performance |
| Timeline |
| Winner Medical |
| Shengtak New Material |
Winner Medical and Shengtak New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Shengtak New
The main advantage of trading using opposite Winner Medical and Shengtak New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Shengtak New 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 Shengtak New will offset losses from the drop in Shengtak New's long position.| Winner Medical vs. Miracll Chemicals Co | Winner Medical vs. Changchun Engley Automobile | Winner Medical vs. Ningxia Younglight Chemicals | Winner Medical vs. Sharetronic Data Technology |
| Shengtak New vs. Shenzhen Clou Electronics | Shengtak New vs. Semiconductor Manufacturing Electronics | Shengtak New vs. Success Electronics | Shengtak New vs. Inspur Software Co |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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