Correlation Between GKHT Medical and Xian International
Specify exactly 2 symbols:
By analyzing existing cross correlation between GKHT Medical Technology and Xian International Medical, you can compare the effects of market volatilities on GKHT Medical and Xian International 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 GKHT Medical with a short position of Xian International. Check out your portfolio center. Please also check ongoing floating volatility patterns of GKHT Medical and Xian International.
Diversification Opportunities for GKHT Medical and Xian International
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between GKHT and Xian is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding GKHT Medical Technology and Xian International Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xian International and GKHT 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 GKHT Medical Technology are associated (or correlated) with Xian International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xian International has no effect on the direction of GKHT Medical i.e., GKHT Medical and Xian International go up and down completely randomly.
Pair Corralation between GKHT Medical and Xian International
Assuming the 90 days trading horizon GKHT Medical Technology is expected to under-perform the Xian International. In addition to that, GKHT Medical is 1.48 times more volatile than Xian International Medical. It trades about -0.04 of its total potential returns per unit of risk. Xian International Medical is currently generating about -0.04 per unit of volatility. If you would invest 1,244 in Xian International Medical on September 2, 2024 and sell it today you would lose (624.00) from holding Xian International Medical or give up 50.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 70.71% |
| Values | Daily Returns |
GKHT Medical Technology vs. Xian International Medical
Performance |
| Timeline |
| GKHT Medical Technology |
| Xian International |
GKHT Medical and Xian International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GKHT Medical and Xian International
The main advantage of trading using opposite GKHT Medical and Xian International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GKHT Medical position performs unexpectedly, Xian International 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 Xian International will offset losses from the drop in Xian International's long position.| GKHT Medical vs. Anhui Huaren Health | GKHT Medical vs. Dhc Software Co | GKHT Medical vs. Linewell Software Co | GKHT Medical vs. Everjoy Health Group |
| Xian International vs. Dalian Zeus Entertainment | Xian International vs. Shenzhen Kexin Communication | Xian International vs. Threes Company Media | Xian International vs. Eastern Communications Co |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |