Correlation Between Winner Medical and Vohringer Home
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By analyzing existing cross correlation between Winner Medical Co and Vohringer Home Technology, you can compare the effects of market volatilities on Winner Medical and Vohringer Home 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 Vohringer Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Vohringer Home.
Diversification Opportunities for Winner Medical and Vohringer Home
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Winner and Vohringer is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Vohringer Home Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vohringer Home Technology 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 Vohringer Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vohringer Home Technology has no effect on the direction of Winner Medical i.e., Winner Medical and Vohringer Home go up and down completely randomly.
Pair Corralation between Winner Medical and Vohringer Home
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.15 times more return on investment than Vohringer Home. However, Winner Medical is 1.15 times more volatile than Vohringer Home Technology. It trades about 0.14 of its potential returns per unit of risk. Vohringer Home Technology is currently generating about 0.11 per unit of risk. If you would invest 2,532 in Winner Medical Co on September 28, 2024 and sell it today you would earn a total of 1,663 from holding Winner Medical Co or generate 65.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Vohringer Home Technology
Performance |
| Timeline |
| Winner Medical |
| Vohringer Home Technology |
Winner Medical and Vohringer Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Vohringer Home
The main advantage of trading using opposite Winner Medical and Vohringer Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Vohringer Home 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 Vohringer Home will offset losses from the drop in Vohringer Home's long position.| Winner Medical vs. Cowealth Medical China | Winner Medical vs. CareRay Digital Medical | Winner Medical vs. Chison Medical Technologies | Winner Medical vs. Changchun Faway Automobile |
| Vohringer Home vs. Zijin Mining Group | Vohringer Home vs. Wanhua Chemical Group | Vohringer Home vs. Baoshan Iron Steel | Vohringer Home vs. Shandong Gold Mining |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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