Correlation Between Bank of China and Winner Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bank of China and Winner Medical Co, you can compare the effects of market volatilities on Bank of China 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 Bank of China with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of China and Winner Medical.
Diversification Opportunities for Bank of China and Winner Medical
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Bank and Winner is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Bank of China and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Bank of China 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 China 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 Bank of China i.e., Bank of China and Winner Medical go up and down completely randomly.
Pair Corralation between Bank of China and Winner Medical
Assuming the 90 days trading horizon Bank of China is expected to generate 0.59 times more return on investment than Winner Medical. However, Bank of China is 1.68 times less risky than Winner Medical. It trades about 0.06 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 371.00 in Bank of China on August 26, 2024 and sell it today you would earn a total of 120.00 from holding Bank of China or generate 32.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bank of China vs. Winner Medical Co
Performance |
| Timeline |
| Bank of China |
| Winner Medical |
Bank of China and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of China and Winner Medical
The main advantage of trading using opposite Bank of China and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of China 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.| Bank of China vs. Sinofibers Technology Co | Bank of China vs. Beijing Kaiwen Education | Bank of China vs. HanS Laser Tech | Bank of China vs. Tianshui Huatian Technology |
| Winner Medical vs. Bank of China | Winner Medical vs. Kweichow Moutai Co | Winner Medical vs. PetroChina Co Ltd | Winner Medical vs. Bank of Communications |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |