Correlation Between Winner Medical and Changjiang Jinggong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Winner Medical Co and Changjiang Jinggong Steel, you can compare the effects of market volatilities on Winner Medical and Changjiang Jinggong 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 Changjiang Jinggong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Changjiang Jinggong.
Diversification Opportunities for Winner Medical and Changjiang Jinggong
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Winner and Changjiang is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Changjiang Jinggong Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Jinggong Steel 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 Changjiang Jinggong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Jinggong Steel has no effect on the direction of Winner Medical i.e., Winner Medical and Changjiang Jinggong go up and down completely randomly.
Pair Corralation between Winner Medical and Changjiang Jinggong
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.6 times more return on investment than Changjiang Jinggong. However, Winner Medical is 1.6 times more volatile than Changjiang Jinggong Steel. It trades about 0.28 of its potential returns per unit of risk. Changjiang Jinggong Steel is currently generating about 0.25 per unit of risk. If you would invest 2,941 in Winner Medical Co on September 13, 2024 and sell it today you would earn a total of 1,097 from holding Winner Medical Co or generate 37.3% 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. Changjiang Jinggong Steel
Performance |
| Timeline |
| Winner Medical |
| Changjiang Jinggong Steel |
Winner Medical and Changjiang Jinggong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Changjiang Jinggong
The main advantage of trading using opposite Winner Medical and Changjiang Jinggong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Changjiang Jinggong 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 Changjiang Jinggong will offset losses from the drop in Changjiang Jinggong's long position.| Winner Medical vs. Industrial and Commercial | Winner Medical vs. Kweichow Moutai Co | Winner Medical vs. Agricultural Bank of | Winner Medical vs. China Mobile Limited |
| Changjiang Jinggong vs. Ming Yang Smart | Changjiang Jinggong vs. 159681 | Changjiang Jinggong vs. 159005 | Changjiang Jinggong vs. Loctek Ergonomic Technology |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |