Correlation Between Tonghua Grape and Winner Medical Co
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By analyzing existing cross correlation between Tonghua Grape Wine and Winner Medical Co, you can compare the effects of market volatilities on Tonghua Grape and Winner Medical Co 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 Tonghua Grape with a short position of Winner Medical Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tonghua Grape and Winner Medical Co.
Diversification Opportunities for Tonghua Grape and Winner Medical Co
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Tonghua and Winner is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Tonghua Grape Wine and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical Co and Tonghua Grape 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 Tonghua Grape Wine are associated (or correlated) with Winner Medical Co. 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 Co has no effect on the direction of Tonghua Grape i.e., Tonghua Grape and Winner Medical Co go up and down completely randomly.
Pair Corralation between Tonghua Grape and Winner Medical Co
Assuming the 90 days trading horizon Tonghua Grape is expected to generate 3.14 times less return on investment than Winner Medical Co. But when comparing it to its historical volatility, Tonghua Grape Wine is 3.79 times less risky than Winner Medical Co. It trades about 0.17 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 3,910 in Winner Medical Co on December 8, 2024 and sell it today you would earn a total of 345.00 from holding Winner Medical Co or generate 8.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tonghua Grape Wine vs. Winner Medical Co
Performance |
| Timeline |
| Tonghua Grape Wine |
| Winner Medical Co |
Tonghua Grape and Winner Medical Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tonghua Grape and Winner Medical Co
The main advantage of trading using opposite Tonghua Grape and Winner Medical Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tonghua Grape position performs unexpectedly, Winner Medical Co 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 Co will offset losses from the drop in Winner Medical Co's long position.| Tonghua Grape vs. Anhui Huaren Health | ||
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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 Stocks Directory module to find actively traded stocks across global markets.
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