Correlation Between Winner Medical Co and Epoxy Base
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By analyzing existing cross correlation between Winner Medical Co and Epoxy Base Electronic, you can compare the effects of market volatilities on Winner Medical Co and Epoxy Base 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 Epoxy Base. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical Co and Epoxy Base.
Diversification Opportunities for Winner Medical Co and Epoxy Base
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Winner and Epoxy is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Epoxy Base Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Epoxy Base Electronic 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 Epoxy Base. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Epoxy Base Electronic has no effect on the direction of Winner Medical Co i.e., Winner Medical Co and Epoxy Base go up and down completely randomly.
Pair Corralation between Winner Medical Co and Epoxy Base
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 0.66 times more return on investment than Epoxy Base. However, Winner Medical Co is 1.52 times less risky than Epoxy Base. It trades about 0.22 of its potential returns per unit of risk. Epoxy Base Electronic is currently generating about 0.11 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. Epoxy Base Electronic
Performance |
| Timeline |
| Winner Medical Co |
| Epoxy Base Electronic |
Winner Medical Co and Epoxy Base Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical Co and Epoxy Base
The main advantage of trading using opposite Winner Medical Co and Epoxy Base positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical Co position performs unexpectedly, Epoxy Base 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 Epoxy Base will offset losses from the drop in Epoxy Base'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 |
| Epoxy Base vs. Zijin Mining Group | Epoxy Base vs. Baoshan Iron Steel | Epoxy Base vs. Rongsheng Petrochemical Co | Epoxy Base vs. Hoshine Silicon Ind |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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