Correlation Between Cofoe Medical and Shenzhen Glory
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cofoe Medical Technology and Shenzhen Glory Medical, you can compare the effects of market volatilities on Cofoe Medical and Shenzhen Glory 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 Cofoe Medical with a short position of Shenzhen Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cofoe Medical and Shenzhen Glory.
Diversification Opportunities for Cofoe Medical and Shenzhen Glory
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cofoe and Shenzhen is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Cofoe Medical Technology and Shenzhen Glory Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Glory Medical and Cofoe 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 Cofoe Medical Technology are associated (or correlated) with Shenzhen Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Glory Medical has no effect on the direction of Cofoe Medical i.e., Cofoe Medical and Shenzhen Glory go up and down completely randomly.
Pair Corralation between Cofoe Medical and Shenzhen Glory
Assuming the 90 days trading horizon Cofoe Medical Technology is expected to under-perform the Shenzhen Glory. But the stock apears to be less risky and, when comparing its historical volatility, Cofoe Medical Technology is 1.37 times less risky than Shenzhen Glory. The stock trades about -0.14 of its potential returns per unit of risk. The Shenzhen Glory Medical is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 329.00 in Shenzhen Glory Medical on August 29, 2024 and sell it today you would earn a total of 4.00 from holding Shenzhen Glory Medical or generate 1.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cofoe Medical Technology vs. Shenzhen Glory Medical
Performance |
| Timeline |
| Cofoe Medical Technology |
| Shenzhen Glory Medical |
Cofoe Medical and Shenzhen Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cofoe Medical and Shenzhen Glory
The main advantage of trading using opposite Cofoe Medical and Shenzhen Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cofoe Medical position performs unexpectedly, Shenzhen Glory 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 Shenzhen Glory will offset losses from the drop in Shenzhen Glory's long position.| Cofoe Medical vs. Industrial and Commercial | Cofoe Medical vs. China Construction Bank | Cofoe Medical vs. Agricultural Bank of | Cofoe Medical vs. Bank of China |
| Shenzhen Glory vs. PetroChina Co Ltd | Shenzhen Glory vs. China State Construction | Shenzhen Glory vs. China Mobile Limited | Shenzhen Glory vs. Industrial and Commercial |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |