Correlation Between Inspur Software and Shenzhen Mindray
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By analyzing existing cross correlation between Inspur Software Co and Shenzhen Mindray Bio Medical, you can compare the effects of market volatilities on Inspur Software and Shenzhen Mindray 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 Inspur Software with a short position of Shenzhen Mindray. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inspur Software and Shenzhen Mindray.
Diversification Opportunities for Inspur Software and Shenzhen Mindray
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Inspur and Shenzhen is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Inspur Software Co and Shenzhen Mindray Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Mindray Bio and Inspur Software 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 Inspur Software Co are associated (or correlated) with Shenzhen Mindray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Mindray Bio has no effect on the direction of Inspur Software i.e., Inspur Software and Shenzhen Mindray go up and down completely randomly.
Pair Corralation between Inspur Software and Shenzhen Mindray
Assuming the 90 days trading horizon Inspur Software Co is expected to generate 1.46 times more return on investment than Shenzhen Mindray. However, Inspur Software is 1.46 times more volatile than Shenzhen Mindray Bio Medical. It trades about 0.0 of its potential returns per unit of risk. Shenzhen Mindray Bio Medical is currently generating about -0.03 per unit of risk. If you would invest 1,545 in Inspur Software Co on October 16, 2024 and sell it today you would lose (215.00) from holding Inspur Software Co or give up 13.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inspur Software Co vs. Shenzhen Mindray Bio Medical
Performance |
| Timeline |
| Inspur Software |
| Shenzhen Mindray Bio |
Inspur Software and Shenzhen Mindray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inspur Software and Shenzhen Mindray
The main advantage of trading using opposite Inspur Software and Shenzhen Mindray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inspur Software position performs unexpectedly, Shenzhen Mindray 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 Shenzhen Mindray will offset losses from the drop in Shenzhen Mindray's long position.| Inspur Software vs. Unisplendour Corp | Inspur Software vs. Kontour Medical Technology | Inspur Software vs. Allmed Medical Products | Inspur Software vs. Jiangsu Financial Leasing |
| Shenzhen Mindray vs. Beijing Baolande Software | Shenzhen Mindray vs. Inspur Software Co | Shenzhen Mindray vs. Ningbo MedicalSystem Biotechnology | Shenzhen Mindray vs. Shanghai Newtouch Software |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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