Correlation Between Shenzhen and Winner Medical
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By analyzing existing cross correlation between Shenzhen AV Display Co and Winner Medical Co, you can compare the effects of market volatilities on Shenzhen and Winner 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 Shenzhen with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen and Winner Medical.
Diversification Opportunities for Shenzhen and Winner Medical
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shenzhen and Winner is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen AV Display Co and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Shenzhen 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 Shenzhen AV Display Co are associated (or correlated) with Winner Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical has no effect on the direction of Shenzhen i.e., Shenzhen and Winner Medical go up and down completely randomly.
Pair Corralation between Shenzhen and Winner Medical
Assuming the 90 days trading horizon Shenzhen AV Display Co is expected to generate 1.52 times more return on investment than Winner Medical. However, Shenzhen is 1.52 times more volatile than Winner Medical Co. It trades about 0.02 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.0 per unit of risk. If you would invest 2,978 in Shenzhen AV Display Co on October 27, 2024 and sell it today you would earn a total of 206.00 from holding Shenzhen AV Display Co or generate 6.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen AV Display Co vs. Winner Medical Co
Performance |
| Timeline |
| Shenzhen AV Display |
| Winner Medical |
Shenzhen and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen and Winner Medical
The main advantage of trading using opposite Shenzhen and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen position performs unexpectedly, Winner 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 Winner Medical will offset losses from the drop in Winner Medical's long position.| Shenzhen vs. Yindu Kitchen Equipment | Shenzhen vs. Beijing Bewinner Communications | Shenzhen vs. Bank of Communications | Shenzhen vs. Aba Chemicals Corp |
| 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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