Correlation Between SSAW Hotels and Chison Medical
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By analyzing existing cross correlation between SSAW Hotels Resorts and Chison Medical Technologies, you can compare the effects of market volatilities on SSAW Hotels and Chison 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 SSAW Hotels with a short position of Chison Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSAW Hotels and Chison Medical.
Diversification Opportunities for SSAW Hotels and Chison Medical
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SSAW and Chison is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding SSAW Hotels Resorts and Chison Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chison Medical Techn and SSAW Hotels 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 SSAW Hotels Resorts are associated (or correlated) with Chison Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chison Medical Techn has no effect on the direction of SSAW Hotels i.e., SSAW Hotels and Chison Medical go up and down completely randomly.
Pair Corralation between SSAW Hotels and Chison Medical
Assuming the 90 days trading horizon SSAW Hotels Resorts is expected to under-perform the Chison Medical. In addition to that, SSAW Hotels is 1.5 times more volatile than Chison Medical Technologies. It trades about -0.08 of its total potential returns per unit of risk. Chison Medical Technologies is currently generating about 0.17 per unit of volatility. If you would invest 2,442 in Chison Medical Technologies on November 1, 2024 and sell it today you would earn a total of 168.00 from holding Chison Medical Technologies or generate 6.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SSAW Hotels Resorts vs. Chison Medical Technologies
Performance |
| Timeline |
| SSAW Hotels Resorts |
| Chison Medical Techn |
SSAW Hotels and Chison Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSAW Hotels and Chison Medical
The main advantage of trading using opposite SSAW Hotels and Chison Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSAW Hotels position performs unexpectedly, Chison 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 Chison Medical will offset losses from the drop in Chison Medical's long position.| SSAW Hotels vs. Caihong Display Devices | SSAW Hotels vs. Beijing Seeyon Internet | SSAW Hotels vs. Unisplendour Corp | SSAW Hotels vs. Guangzhou Zhujiang Brewery |
| Chison Medical vs. Hunan Mendale Hometextile | Chison Medical vs. SSAW Hotels Resorts | Chison Medical vs. Chengtun Mining Group | Chison Medical vs. Shanghai Shuixing Home |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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