Correlation Between Winner Medical and Shenzhen
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By analyzing existing cross correlation between Winner Medical Co and Shenzhen AV Display Co, you can compare the effects of market volatilities on Winner Medical and Shenzhen 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 Shenzhen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Shenzhen.
Diversification Opportunities for Winner Medical and Shenzhen
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Winner and Shenzhen is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Shenzhen AV Display Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen AV Display 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 Shenzhen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen AV Display has no effect on the direction of Winner Medical i.e., Winner Medical and Shenzhen go up and down completely randomly.
Pair Corralation between Winner Medical and Shenzhen
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Shenzhen. But the stock apears to be less risky and, when comparing its historical volatility, Winner Medical Co is 1.52 times less risky than Shenzhen. The stock trades about 0.0 of its potential returns per unit of risk. The Shenzhen AV Display Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,978 in Shenzhen AV Display Co on October 27, 2024 and sell it today you would earn a total of 206.00 from holding Shenzhen AV Display Co or generate 6.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Shenzhen AV Display Co
Performance |
| Timeline |
| Winner Medical |
| Shenzhen AV Display |
Winner Medical and Shenzhen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Shenzhen
The main advantage of trading using opposite Winner Medical and Shenzhen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Shenzhen 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 Shenzhen will offset losses from the drop in Shenzhen'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 |
| Shenzhen vs. Yindu Kitchen Equipment | Shenzhen vs. Beijing Bewinner Communications | Shenzhen vs. Bank of Communications | Shenzhen vs. Aba Chemicals Corp |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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