Correlation Between Anhui Xinhua and Winner Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Xinhua Media and Winner Medical Co, you can compare the effects of market volatilities on Anhui Xinhua 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 Anhui Xinhua with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Xinhua and Winner Medical.
Diversification Opportunities for Anhui Xinhua and Winner Medical
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Anhui and Winner is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Xinhua Media and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Anhui Xinhua 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 Anhui Xinhua Media 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 Anhui Xinhua i.e., Anhui Xinhua and Winner Medical go up and down completely randomly.
Pair Corralation between Anhui Xinhua and Winner Medical
Assuming the 90 days trading horizon Anhui Xinhua Media is expected to generate 1.31 times more return on investment than Winner Medical. However, Anhui Xinhua is 1.31 times more volatile than Winner Medical Co. It trades about 0.03 of its potential returns per unit of risk. Winner Medical Co is currently generating about -0.01 per unit of risk. If you would invest 551.00 in Anhui Xinhua Media on October 15, 2024 and sell it today you would earn a total of 125.00 from holding Anhui Xinhua Media or generate 22.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Xinhua Media vs. Winner Medical Co
Performance |
| Timeline |
| Anhui Xinhua Media |
| Winner Medical |
Anhui Xinhua and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Xinhua and Winner Medical
The main advantage of trading using opposite Anhui Xinhua and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Xinhua 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.| Anhui Xinhua vs. Anhui Jianghuai Automobile | Anhui Xinhua vs. Suzhou Douson Drilling | Anhui Xinhua vs. Lootom Telcovideo Network | Anhui Xinhua vs. Shenzhen Topway Video |
| Winner Medical vs. Jiugui Liquor Co | Winner Medical vs. Guilin Seamild Foods | Winner Medical vs. Fujian Anjoy Foods | Winner Medical vs. Fuda Alloy Materials |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |