Correlation Between Winner Medical Co and Harbin Air
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By analyzing existing cross correlation between Winner Medical Co and Harbin Air Conditioning, you can compare the effects of market volatilities on Winner Medical Co and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical Co and Harbin Air.
Diversification Opportunities for Winner Medical Co and Harbin Air
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Winner and Harbin is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Winner Medical Co i.e., Winner Medical Co and Harbin Air go up and down completely randomly.
Pair Corralation between Winner Medical Co and Harbin Air
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.09 times more return on investment than Harbin Air. However, Winner Medical Co is 1.09 times more volatile than Harbin Air Conditioning. It trades about 0.22 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.08 per unit of risk. If you would invest 3,157 in Winner Medical Co on August 31, 2024 and sell it today you would earn a total of 363.00 from holding Winner Medical Co or generate 11.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Harbin Air Conditioning
Performance |
| Timeline |
| Winner Medical Co |
| Harbin Air Conditioning |
Winner Medical Co and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical Co and Harbin Air
The main advantage of trading using opposite Winner Medical Co and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical Co position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Winner Medical Co vs. PetroChina Co Ltd | Winner Medical Co vs. China Mobile Limited | Winner Medical Co vs. Ping An Insurance | Winner Medical Co vs. China Petroleum Chemical |
| Harbin Air vs. Cultural Investment Holdings | Harbin Air vs. Gome Telecom Equipment | Harbin Air vs. Bus Online Co | Harbin Air vs. Holitech Technology 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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