Correlation Between Winner Medical and Hangzhou Pinming
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By analyzing existing cross correlation between Winner Medical Co and Hangzhou Pinming Software, you can compare the effects of market volatilities on Winner Medical and Hangzhou Pinming 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 Hangzhou Pinming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and Hangzhou Pinming.
Diversification Opportunities for Winner Medical and Hangzhou Pinming
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Winner and Hangzhou is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Hangzhou Pinming Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Pinming Software 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 Hangzhou Pinming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Pinming Software has no effect on the direction of Winner Medical i.e., Winner Medical and Hangzhou Pinming go up and down completely randomly.
Pair Corralation between Winner Medical and Hangzhou Pinming
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 0.63 times more return on investment than Hangzhou Pinming. However, Winner Medical Co is 1.58 times less risky than Hangzhou Pinming. It trades about 0.19 of its potential returns per unit of risk. Hangzhou Pinming Software is currently generating about -0.03 per unit of risk. If you would invest 3,058 in Winner Medical Co on August 29, 2024 and sell it today you would earn a total of 326.00 from holding Winner Medical Co or generate 10.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Hangzhou Pinming Software
Performance |
| Timeline |
| Winner Medical |
| Hangzhou Pinming Software |
Winner Medical and Hangzhou Pinming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and Hangzhou Pinming
The main advantage of trading using opposite Winner Medical and Hangzhou Pinming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, Hangzhou Pinming 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 Hangzhou Pinming will offset losses from the drop in Hangzhou Pinming's long position.| Winner Medical vs. Industrial and Commercial | Winner Medical vs. China Construction Bank | Winner Medical vs. Agricultural Bank of | Winner Medical vs. Bank of China |
| Hangzhou Pinming vs. China State Construction | Hangzhou Pinming vs. Huafa Industrial Co | Hangzhou Pinming vs. China International Capital | Hangzhou Pinming vs. Kweichow Moutai 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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