Correlation Between Winner Medical and Duzhe Publishing
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By analyzing existing cross correlation between Winner Medical Co and Duzhe Publishing Media, you can compare the effects of market volatilities on Winner Medical and Duzhe Publishing 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 Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Duzhe Publishing.
Diversification Opportunities for Winner Medical and Duzhe Publishing
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Winner and Duzhe is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Duzhe Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duzhe Publishing Media 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 Duzhe Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duzhe Publishing Media has no effect on the direction of Winner Medical i.e., Winner Medical and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Winner Medical and Duzhe Publishing
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 0.88 times more return on investment than Duzhe Publishing. However, Winner Medical Co is 1.13 times less risky than Duzhe Publishing. It trades about -0.13 of its potential returns per unit of risk. Duzhe Publishing Media is currently generating about -0.39 per unit of risk. If you would invest 4,326 in Winner Medical Co on October 16, 2024 and sell it today you would lose (371.00) from holding Winner Medical Co or give up 8.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Duzhe Publishing Media
Performance |
| Timeline |
| Winner Medical |
| Duzhe Publishing Media |
Winner Medical and Duzhe Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Duzhe Publishing
The main advantage of trading using opposite Winner Medical and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Duzhe Publishing 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 Duzhe Publishing will offset losses from the drop in Duzhe Publishing's long position.| Winner Medical vs. Holitech Technology Co | Winner Medical vs. Zotye Automobile Co | Winner Medical vs. Bus Online Co | Winner Medical vs. Cultural Investment Holdings |
| Duzhe Publishing vs. Cowealth Medical China | Duzhe Publishing vs. Winner Medical Co | Duzhe Publishing vs. Zhonghong Pulin Medical | Duzhe Publishing vs. Touchstone International Medical |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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