Correlation Between Changchun Engley and Winner Medical
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By analyzing existing cross correlation between Changchun Engley Automobile and Winner Medical Co, you can compare the effects of market volatilities on Changchun Engley 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 Changchun Engley with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changchun Engley and Winner Medical.
Diversification Opportunities for Changchun Engley and Winner Medical
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Changchun and Winner is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Changchun Engley Automobile and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Changchun Engley 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 Changchun Engley Automobile 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 Changchun Engley i.e., Changchun Engley and Winner Medical go up and down completely randomly.
Pair Corralation between Changchun Engley and Winner Medical
Assuming the 90 days trading horizon Changchun Engley Automobile is expected to under-perform the Winner Medical. But the stock apears to be less risky and, when comparing its historical volatility, Changchun Engley Automobile is 1.17 times less risky than Winner Medical. The stock trades about -0.3 of its potential returns per unit of risk. The Winner Medical Co is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 3,720 in Winner Medical Co on October 11, 2024 and sell it today you would earn a total of 292.00 from holding Winner Medical Co or generate 7.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changchun Engley Automobile vs. Winner Medical Co
Performance |
| Timeline |
| Changchun Engley Aut |
| Winner Medical |
Changchun Engley and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changchun Engley and Winner Medical
The main advantage of trading using opposite Changchun Engley and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changchun Engley 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.| Changchun Engley vs. Nantong Haixing Electronics | Changchun Engley vs. Miracll Chemicals Co | Changchun Engley vs. Shijiazhuang Tonhe Electronics | Changchun Engley vs. Dymatic Chemicals |
| Winner Medical vs. Dongguan Tarry Electronics | Winner Medical vs. Songz Automobile Air | Winner Medical vs. YiDong Electronics Technology | Winner Medical vs. Success Electronics |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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