Correlation Between Bank of Communications and Tinavi Medical
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By analyzing existing cross correlation between Bank of Communications and Tinavi Medical Technologies, you can compare the effects of market volatilities on Bank of Communications and Tinavi 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 Bank of Communications with a short position of Tinavi Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Communications and Tinavi Medical.
Diversification Opportunities for Bank of Communications and Tinavi Medical
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bank and Tinavi is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Communications and Tinavi Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tinavi Medical Techn and Bank of Communications 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 Bank of Communications are associated (or correlated) with Tinavi Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tinavi Medical Techn has no effect on the direction of Bank of Communications i.e., Bank of Communications and Tinavi Medical go up and down completely randomly.
Pair Corralation between Bank of Communications and Tinavi Medical
Assuming the 90 days trading horizon Bank of Communications is expected to generate 0.44 times more return on investment than Tinavi Medical. However, Bank of Communications is 2.27 times less risky than Tinavi Medical. It trades about -0.21 of its potential returns per unit of risk. Tinavi Medical Technologies is currently generating about -0.16 per unit of risk. If you would invest 768.00 in Bank of Communications on October 24, 2024 and sell it today you would lose (39.00) from holding Bank of Communications or give up 5.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of Communications vs. Tinavi Medical Technologies
Performance |
| Timeline |
| Bank of Communications |
| Tinavi Medical Techn |
Bank of Communications and Tinavi Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of Communications and Tinavi Medical
The main advantage of trading using opposite Bank of Communications and Tinavi Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Communications position performs unexpectedly, Tinavi 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 Tinavi Medical will offset losses from the drop in Tinavi Medical's long position.| Bank of Communications vs. Guangzhou Zhujiang Brewery | Bank of Communications vs. Zoy Home Furnishing | Bank of Communications vs. Chongqing Brewery Co | Bank of Communications vs. Xiamen Goldenhome Co |
| Tinavi Medical vs. Bank of Communications | Tinavi Medical vs. Queclink Wireless Solutions | Tinavi Medical vs. Markor International Home | Tinavi Medical vs. AUPU Home Style |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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