Correlation Between Winner Medical and Heilongjiang Transport
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By analyzing existing cross correlation between Winner Medical Co and Heilongjiang Transport Development, you can compare the effects of market volatilities on Winner Medical and Heilongjiang Transport 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 Heilongjiang Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Heilongjiang Transport.
Diversification Opportunities for Winner Medical and Heilongjiang Transport
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Winner and Heilongjiang is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Heilongjiang Transport Develop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Transport 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 Heilongjiang Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Transport has no effect on the direction of Winner Medical i.e., Winner Medical and Heilongjiang Transport go up and down completely randomly.
Pair Corralation between Winner Medical and Heilongjiang Transport
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 0.95 times more return on investment than Heilongjiang Transport. However, Winner Medical Co is 1.05 times less risky than Heilongjiang Transport. It trades about 0.03 of its potential returns per unit of risk. Heilongjiang Transport Development is currently generating about -0.01 per unit of risk. If you would invest 3,633 in Winner Medical Co on October 30, 2024 and sell it today you would earn a total of 418.00 from holding Winner Medical Co or generate 11.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Heilongjiang Transport Develop
Performance |
| Timeline |
| Winner Medical |
| Heilongjiang Transport |
Winner Medical and Heilongjiang Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Heilongjiang Transport
The main advantage of trading using opposite Winner Medical and Heilongjiang Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Heilongjiang Transport 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 Heilongjiang Transport will offset losses from the drop in Heilongjiang Transport'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 |
| Heilongjiang Transport vs. Agricultural Bank of | Heilongjiang Transport vs. Guilin Seamild Foods | Heilongjiang Transport vs. Jiahe Foods Industry | Heilongjiang Transport vs. Anji Foodstuff 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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