Correlation Between Hainan Mining and Allmed Medical
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By analyzing existing cross correlation between Hainan Mining Co and Allmed Medical Products, you can compare the effects of market volatilities on Hainan Mining and Allmed 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 Hainan Mining with a short position of Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Mining and Allmed Medical.
Diversification Opportunities for Hainan Mining and Allmed Medical
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hainan and Allmed is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Mining Co and Allmed Medical Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allmed Medical Products and Hainan Mining 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 Hainan Mining Co are associated (or correlated) with Allmed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allmed Medical Products has no effect on the direction of Hainan Mining i.e., Hainan Mining and Allmed Medical go up and down completely randomly.
Pair Corralation between Hainan Mining and Allmed Medical
Assuming the 90 days trading horizon Hainan Mining Co is expected to generate 1.0 times more return on investment than Allmed Medical. However, Hainan Mining Co is 1.0 times less risky than Allmed Medical. It trades about 0.04 of its potential returns per unit of risk. Allmed Medical Products is currently generating about 0.04 per unit of risk. If you would invest 560.00 in Hainan Mining Co on October 18, 2024 and sell it today you would earn a total of 102.00 from holding Hainan Mining Co or generate 18.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 99.58% |
Values | Daily Returns |
Hainan Mining Co vs. Allmed Medical Products
Performance |
Timeline |
Hainan Mining |
Allmed Medical Products |
Hainan Mining and Allmed Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hainan Mining and Allmed Medical
The main advantage of trading using opposite Hainan Mining and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Mining position performs unexpectedly, Allmed 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 Allmed Medical will offset losses from the drop in Allmed Medical's long position.Hainan Mining vs. Suzhou Douson Drilling | Hainan Mining vs. Tongling Nonferrous Metals | Hainan Mining vs. Beijing Jiaman Dress | Hainan Mining vs. Zhongshan Public Utilities |
Allmed Medical vs. Jiangsu GDK Biotechnology | Allmed Medical vs. Maccura Biotechnology Co | Allmed Medical vs. Tibet Huayu Mining | Allmed Medical vs. Bloomage Biotechnology Corp |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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