Correlation Between Winner Medical Co and Qingdao NovelBeam
Specify exactly 2 symbols:
By analyzing existing cross correlation between Winner Medical Co and Qingdao NovelBeam Technology, you can compare the effects of market volatilities on Winner Medical Co and Qingdao NovelBeam 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 Co with a short position of Qingdao NovelBeam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical Co and Qingdao NovelBeam.
Diversification Opportunities for Winner Medical Co and Qingdao NovelBeam
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Winner and Qingdao is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Qingdao NovelBeam Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qingdao NovelBeam and Winner Medical Co 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 Qingdao NovelBeam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qingdao NovelBeam has no effect on the direction of Winner Medical Co i.e., Winner Medical Co and Qingdao NovelBeam go up and down completely randomly.
Pair Corralation between Winner Medical Co and Qingdao NovelBeam
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 0.93 times more return on investment than Qingdao NovelBeam. However, Winner Medical Co is 1.07 times less risky than Qingdao NovelBeam. It trades about 0.23 of its potential returns per unit of risk. Qingdao NovelBeam Technology is currently generating about -0.07 per unit of risk. If you would invest 3,119 in Winner Medical Co on September 1, 2024 and sell it today you would earn a total of 378.00 from holding Winner Medical Co or generate 12.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Winner Medical Co vs. Qingdao NovelBeam Technology
Performance |
| Timeline |
| Winner Medical Co |
| Qingdao NovelBeam |
Winner Medical Co and Qingdao NovelBeam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical Co and Qingdao NovelBeam
The main advantage of trading using opposite Winner Medical Co and Qingdao NovelBeam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical Co position performs unexpectedly, Qingdao NovelBeam 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 Qingdao NovelBeam will offset losses from the drop in Qingdao NovelBeam's long position.| Winner Medical Co vs. Nanjing Putian Telecommunications | Winner Medical Co vs. Shenzhen Hifuture Electric | Winner Medical Co vs. Tianjin Realty Development | Winner Medical Co vs. Shenyang Huitian Thermal |
| Qingdao NovelBeam vs. Penyao Environmental Protection | Qingdao NovelBeam vs. Impulse Qingdao Health | Qingdao NovelBeam vs. Heren Health Co | Qingdao NovelBeam vs. Meinian Onehealth Healthcare |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |