Correlation Between Winner Medical and GreenTech Environmental
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By analyzing existing cross correlation between Winner Medical Co and GreenTech Environmental Co, you can compare the effects of market volatilities on Winner Medical and GreenTech Environmental 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 GreenTech Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and GreenTech Environmental.
Diversification Opportunities for Winner Medical and GreenTech Environmental
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Winner and GreenTech is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and GreenTech Environmental Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GreenTech Environmental 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 GreenTech Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GreenTech Environmental has no effect on the direction of Winner Medical i.e., Winner Medical and GreenTech Environmental go up and down completely randomly.
Pair Corralation between Winner Medical and GreenTech Environmental
Assuming the 90 days trading horizon Winner Medical Co is expected to under-perform the GreenTech Environmental. In addition to that, Winner Medical is 1.38 times more volatile than GreenTech Environmental Co. It trades about -0.06 of its total potential returns per unit of risk. GreenTech Environmental Co is currently generating about 0.08 per unit of volatility. If you would invest 1,360 in GreenTech Environmental Co on October 26, 2024 and sell it today you would earn a total of 37.00 from holding GreenTech Environmental Co or generate 2.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. GreenTech Environmental Co
Performance |
| Timeline |
| Winner Medical |
| GreenTech Environmental |
Winner Medical and GreenTech Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and GreenTech Environmental
The main advantage of trading using opposite Winner Medical and GreenTech Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical position performs unexpectedly, GreenTech Environmental 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 GreenTech Environmental will offset losses from the drop in GreenTech Environmental'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 |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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