Correlation Between Winner Medical and Eyebright Medical
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By analyzing existing cross correlation between Winner Medical Co and Eyebright Medical Technology, you can compare the effects of market volatilities on Winner Medical and Eyebright Medical 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 Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Eyebright Medical.
Diversification Opportunities for Winner Medical and Eyebright Medical
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Winner and Eyebright is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical 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 Eyebright Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eyebright Medical has no effect on the direction of Winner Medical i.e., Winner Medical and Eyebright Medical go up and down completely randomly.
Pair Corralation between Winner Medical and Eyebright Medical
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 0.7 times more return on investment than Eyebright Medical. However, Winner Medical Co is 1.43 times less risky than Eyebright Medical. It trades about 0.0 of its potential returns per unit of risk. Eyebright Medical Technology is currently generating about -0.03 per unit of risk. If you would invest 4,724 in Winner Medical Co on October 27, 2024 and sell it today you would lose (702.00) from holding Winner Medical Co or give up 14.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Eyebright Medical Technology
Performance |
| Timeline |
| Winner Medical |
| Eyebright Medical |
Winner Medical and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Eyebright Medical
The main advantage of trading using opposite Winner Medical and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Eyebright Medical 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 Eyebright Medical will offset losses from the drop in Eyebright Medical'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 |
| Eyebright Medical vs. Agricultural Bank of | Eyebright Medical vs. Industrial and Commercial | Eyebright Medical vs. Bank of China | Eyebright Medical vs. China Construction Bank |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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