Correlation Between Zhongzhu Medical and Winner Medical
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By analyzing existing cross correlation between Zhongzhu Medical Holdings and Winner Medical Co, you can compare the effects of market volatilities on Zhongzhu Medical 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 Zhongzhu Medical with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhongzhu Medical and Winner Medical.
Diversification Opportunities for Zhongzhu Medical and Winner Medical
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zhongzhu and Winner is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Zhongzhu Medical Holdings and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Zhongzhu 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 Zhongzhu Medical Holdings 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 Zhongzhu Medical i.e., Zhongzhu Medical and Winner Medical go up and down completely randomly.
Pair Corralation between Zhongzhu Medical and Winner Medical
Assuming the 90 days trading horizon Zhongzhu Medical Holdings is expected to under-perform the Winner Medical. But the stock apears to be less risky and, when comparing its historical volatility, Zhongzhu Medical Holdings is 1.13 times less risky than Winner Medical. The stock trades about -0.38 of its potential returns per unit of risk. The Winner Medical Co is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest 4,260 in Winner Medical Co on October 21, 2024 and sell it today you would lose (242.00) from holding Winner Medical Co or give up 5.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhongzhu Medical Holdings vs. Winner Medical Co
Performance |
| Timeline |
| Zhongzhu Medical Holdings |
| Winner Medical |
Zhongzhu Medical and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhongzhu Medical and Winner Medical
The main advantage of trading using opposite Zhongzhu Medical and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhongzhu Medical 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.| Zhongzhu Medical vs. Shanghai Yanpu Metal | Zhongzhu Medical vs. Pengxin International Mining | Zhongzhu Medical vs. Shaanxi Construction Machinery | Zhongzhu Medical vs. Air China Ltd |
| Winner Medical vs. Silkroad Visual Technology | Winner Medical vs. Guizhou BroadcastingTV Info | Winner Medical vs. Shanghai Broadband Technology | Winner Medical vs. Anhui Transport Consulting |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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