Correlation Between Industrial and Sino Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Industrial and Commercial and Sino Medical Sciences, you can compare the effects of market volatilities on Industrial and Sino 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 Industrial with a short position of Sino Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial and Sino Medical.
Diversification Opportunities for Industrial and Sino Medical
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Industrial and Sino is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Industrial and Commercial and Sino Medical Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Medical Sciences and Industrial 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 Industrial and Commercial are associated (or correlated) with Sino Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Medical Sciences has no effect on the direction of Industrial i.e., Industrial and Sino Medical go up and down completely randomly.
Pair Corralation between Industrial and Sino Medical
Assuming the 90 days trading horizon Industrial is expected to generate 7.34 times less return on investment than Sino Medical. But when comparing it to its historical volatility, Industrial and Commercial is 2.59 times less risky than Sino Medical. It trades about 0.06 of its potential returns per unit of risk. Sino Medical Sciences is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 981.00 in Sino Medical Sciences on November 27, 2024 and sell it today you would earn a total of 77.00 from holding Sino Medical Sciences or generate 7.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Industrial and Commercial vs. Sino Medical Sciences
Performance |
| Timeline |
| Industrial and Commercial |
| Sino Medical Sciences |
Industrial and Sino Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Industrial and Sino Medical
The main advantage of trading using opposite Industrial and Sino Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial position performs unexpectedly, Sino 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 Sino Medical will offset losses from the drop in Sino Medical's long position.| Industrial vs. Zhengzhou Coal Mining | Industrial vs. Tibet Huayu Mining | Industrial vs. Dhc Software Co | Industrial vs. Linewell Software Co |
| Sino Medical vs. Zhejiang Kingland Pipeline | Sino Medical vs. Harbin Air Conditioning | Sino Medical vs. Guangzhou Seagull Kitchen | Sino Medical vs. MayAir Technology Co |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |