Correlation Between Cofoe Medical and Chengdu B
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By analyzing existing cross correlation between Cofoe Medical Technology and Chengdu B ray Media, you can compare the effects of market volatilities on Cofoe Medical and Chengdu B 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 Chengdu B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cofoe Medical and Chengdu B.
Diversification Opportunities for Cofoe Medical and Chengdu B
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cofoe and Chengdu is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Cofoe Medical Technology and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray 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 Chengdu B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of Cofoe Medical i.e., Cofoe Medical and Chengdu B go up and down completely randomly.
Pair Corralation between Cofoe Medical and Chengdu B
Assuming the 90 days trading horizon Cofoe Medical is expected to generate 1429.75 times less return on investment than Chengdu B. But when comparing it to its historical volatility, Cofoe Medical Technology is 1.44 times less risky than Chengdu B. It trades about 0.0 of its potential returns per unit of risk. Chengdu B ray Media is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 448.00 in Chengdu B ray Media on September 4, 2024 and sell it today you would earn a total of 56.00 from holding Chengdu B ray Media or generate 12.5% 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. Chengdu B ray Media
Performance |
| Timeline |
| Cofoe Medical Technology |
| Chengdu B ray |
Cofoe Medical and Chengdu B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cofoe Medical and Chengdu B
The main advantage of trading using opposite Cofoe Medical and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cofoe Medical position performs unexpectedly, Chengdu B 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 Chengdu B will offset losses from the drop in Chengdu B's long position.| Cofoe Medical vs. Kweichow Moutai Co | Cofoe Medical vs. Contemporary Amperex Technology | Cofoe Medical vs. G bits Network Technology | Cofoe Medical vs. Beijing Roborock Technology |
| Chengdu B vs. Aofu Environmental Technology | Chengdu B vs. GreenTech Environmental Co | Chengdu B vs. Cofoe Medical Technology | Chengdu B vs. Cowealth Medical China |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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