Correlation Between Longjian Road and Allgens Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Longjian Road Bridge and Allgens Medical Technology, you can compare the effects of market volatilities on Longjian Road and Allgens 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 Longjian Road with a short position of Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Longjian Road and Allgens Medical.
Diversification Opportunities for Longjian Road and Allgens Medical
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Longjian and Allgens is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Longjian Road Bridge and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech and Longjian Road 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 Longjian Road Bridge are associated (or correlated) with Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of Longjian Road i.e., Longjian Road and Allgens Medical go up and down completely randomly.
Pair Corralation between Longjian Road and Allgens Medical
Assuming the 90 days trading horizon Longjian Road Bridge is expected to generate 1.16 times more return on investment than Allgens Medical. However, Longjian Road is 1.16 times more volatile than Allgens Medical Technology. It trades about 0.3 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about 0.18 per unit of risk. If you would invest 390.00 in Longjian Road Bridge on September 14, 2024 and sell it today you would earn a total of 87.00 from holding Longjian Road Bridge or generate 22.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Longjian Road Bridge vs. Allgens Medical Technology
Performance |
| Timeline |
| Longjian Road Bridge |
| Allgens Medical Tech |
Longjian Road and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Longjian Road and Allgens Medical
The main advantage of trading using opposite Longjian Road and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Longjian Road position performs unexpectedly, Allgens 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.| Longjian Road vs. Ming Yang Smart | Longjian Road vs. 159681 | Longjian Road vs. 159005 | Longjian Road vs. Loctek Ergonomic Technology |
| Allgens Medical vs. Industrial and Commercial | Allgens Medical vs. Kweichow Moutai Co | Allgens Medical vs. Agricultural Bank of | Allgens Medical vs. China Mobile Limited |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |