Correlation Between Winner Medical and CSSC Offshore
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By analyzing existing cross correlation between Winner Medical Co and CSSC Offshore Marine, you can compare the effects of market volatilities on Winner Medical and CSSC Offshore 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 CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and CSSC Offshore.
Diversification Opportunities for Winner Medical and CSSC Offshore
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Winner and CSSC is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and CSSC Offshore Marine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSSC Offshore Marine 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 CSSC Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSSC Offshore Marine has no effect on the direction of Winner Medical i.e., Winner Medical and CSSC Offshore go up and down completely randomly.
Pair Corralation between Winner Medical and CSSC Offshore
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.28 times more return on investment than CSSC Offshore. However, Winner Medical is 1.28 times more volatile than CSSC Offshore Marine. It trades about 0.2 of its potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.18 per unit of risk. If you would invest 3,058 in Winner Medical Co on August 28, 2024 and sell it today you would earn a total of 326.00 from holding Winner Medical Co or generate 10.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. CSSC Offshore Marine
Performance |
| Timeline |
| Winner Medical |
| CSSC Offshore Marine |
Winner Medical and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and CSSC Offshore
The main advantage of trading using opposite Winner Medical and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, CSSC Offshore 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 CSSC Offshore will offset losses from the drop in CSSC Offshore's long position.| Winner Medical vs. Bank of China | Winner Medical vs. Kweichow Moutai Co | Winner Medical vs. PetroChina Co Ltd | Winner Medical vs. Bank of Communications |
| CSSC Offshore vs. Biwin Storage Technology | CSSC Offshore vs. PetroChina Co Ltd | CSSC Offshore vs. Industrial and Commercial | CSSC Offshore vs. China Construction Bank |
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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