Correlation Between Xinhua Winshare and Innovative Medical
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Innovative Medical Management, you can compare the effects of market volatilities on Xinhua Winshare 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 Xinhua Winshare with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Innovative Medical.
Diversification Opportunities for Xinhua Winshare and Innovative Medical
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xinhua and Innovative is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Xinhua Winshare 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 Xinhua Winshare Publishing 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 Xinhua Winshare i.e., Xinhua Winshare and Innovative Medical go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Innovative Medical
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 0.35 times more return on investment than Innovative Medical. However, Xinhua Winshare Publishing is 2.87 times less risky than Innovative Medical. It trades about 0.14 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 1,392 in Xinhua Winshare Publishing on September 2, 2024 and sell it today you would earn a total of 66.00 from holding Xinhua Winshare Publishing or generate 4.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Innovative Medical Management
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Innovative Medical |
Xinhua Winshare and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Innovative Medical
The main advantage of trading using opposite Xinhua Winshare and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare 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.| Xinhua Winshare vs. Hubei Huaqiang High Tech | Xinhua Winshare vs. Hainan Haiqi Transportation | Xinhua Winshare vs. Keli Sensing Technology | Xinhua Winshare vs. Zhongshan Broad Ocean Motor |
| Innovative Medical vs. China Life Insurance | Innovative Medical vs. Cinda Securities Co | Innovative Medical vs. Piotech Inc A | Innovative Medical vs. Dongxing Sec 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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