Correlation Between Winner Medical and Bank of Communications
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By analyzing existing cross correlation between Winner Medical Co and Bank of Communications, you can compare the effects of market volatilities on Winner Medical and Bank of Communications 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 Bank of Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Bank of Communications.
Diversification Opportunities for Winner Medical and Bank of Communications
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Winner and Bank is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Bank of Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Communications 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 Bank of Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Communications has no effect on the direction of Winner Medical i.e., Winner Medical and Bank of Communications go up and down completely randomly.
Pair Corralation between Winner Medical and Bank of Communications
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the Bank of Communications. In addition to that, Winner Medical is 1.77 times more volatile than Bank of Communications. It trades about 0.0 of its total potential returns per unit of risk. Bank of Communications is currently generating about 0.08 per unit of volatility. If you would invest 453.00 in Bank of Communications on October 27, 2024 and sell it today you would earn a total of 264.00 from holding Bank of Communications or generate 58.28% 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. Bank of Communications
Performance |
| Timeline |
| Winner Medical |
| Bank of Communications |
Winner Medical and Bank of Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Bank of Communications
The main advantage of trading using opposite Winner Medical and Bank of Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Bank of Communications 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 Bank of Communications will offset losses from the drop in Bank of Communications' 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 |
| Bank of Communications vs. COL Digital Publishing | Bank of Communications vs. Shanghai Action Education | Bank of Communications vs. Xinhua Winshare Publishing | Bank of Communications vs. Yankershop Food 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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