Correlation Between Changjiang Jinggong and Winner Medical
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By analyzing existing cross correlation between Changjiang Jinggong Steel and Winner Medical Co, you can compare the effects of market volatilities on Changjiang Jinggong and Winner 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 Changjiang Jinggong with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changjiang Jinggong and Winner Medical.
Diversification Opportunities for Changjiang Jinggong and Winner Medical
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Changjiang and Winner is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Changjiang Jinggong Steel and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Changjiang Jinggong 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 Changjiang Jinggong Steel are associated (or correlated) with Winner Medical. 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 has no effect on the direction of Changjiang Jinggong i.e., Changjiang Jinggong and Winner Medical go up and down completely randomly.
Pair Corralation between Changjiang Jinggong and Winner Medical
Assuming the 90 days trading horizon Changjiang Jinggong Steel is expected to generate 0.66 times more return on investment than Winner Medical. However, Changjiang Jinggong Steel is 1.5 times less risky than Winner Medical. It trades about -0.02 of its potential returns per unit of risk. Winner Medical Co is currently generating about -0.02 per unit of risk. If you would invest 397.00 in Changjiang Jinggong Steel on September 4, 2024 and sell it today you would lose (78.00) from holding Changjiang Jinggong Steel or give up 19.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changjiang Jinggong Steel vs. Winner Medical Co
Performance |
| Timeline |
| Changjiang Jinggong Steel |
| Winner Medical |
Changjiang Jinggong and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changjiang Jinggong and Winner Medical
The main advantage of trading using opposite Changjiang Jinggong and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changjiang Jinggong position performs unexpectedly, Winner 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 Winner Medical will offset losses from the drop in Winner Medical's long position.| Changjiang Jinggong vs. Guangzhou Jointas Chemical | Changjiang Jinggong vs. China National Software | Changjiang Jinggong vs. Dhc Software Co | Changjiang Jinggong vs. Bomesc Offshore Engineering |
| Winner Medical vs. CICC Fund Management | Winner Medical vs. Chengdu Xingrong Investment | Winner Medical vs. Sanbo Hospital Management | Winner Medical vs. Hunan Investment Group |
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.
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