Correlation Between Dongxing Sec and Innovative Medical
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By analyzing existing cross correlation between Dongxing Sec Co and Innovative Medical Management, you can compare the effects of market volatilities on Dongxing Sec and Innovative 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 Dongxing Sec with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dongxing Sec and Innovative Medical.
Diversification Opportunities for Dongxing Sec and Innovative Medical
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Dongxing and Innovative is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Dongxing Sec Co and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Dongxing Sec 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 Dongxing Sec Co are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Dongxing Sec i.e., Dongxing Sec and Innovative Medical go up and down completely randomly.
Pair Corralation between Dongxing Sec and Innovative Medical
Assuming the 90 days trading horizon Dongxing Sec Co is expected to generate 0.74 times more return on investment than Innovative Medical. However, Dongxing Sec Co is 1.36 times less risky than Innovative Medical. It trades about 0.06 of its potential returns per unit of risk. Innovative Medical Management is currently generating about 0.02 per unit of risk. If you would invest 869.00 in Dongxing Sec Co on September 3, 2024 and sell it today you would earn a total of 288.00 from holding Dongxing Sec Co or generate 33.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dongxing Sec Co vs. Innovative Medical Management
Performance |
| Timeline |
| Dongxing Sec |
| Innovative Medical |
Dongxing Sec and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dongxing Sec and Innovative Medical
The main advantage of trading using opposite Dongxing Sec and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dongxing Sec position performs unexpectedly, Innovative 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Dongxing Sec vs. Air China Ltd | Dongxing Sec vs. Spring Airlines Co | Dongxing Sec vs. MayAir Technology Co | Dongxing Sec vs. Kunwu Jiuding Investment |
| Innovative Medical vs. Chengdu Kanghua Biological | Innovative Medical vs. Beijing Wantai Biological | Innovative Medical vs. Suzhou Novoprotein Scientific | Innovative Medical vs. Aluminum Corp of |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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