Correlation Between Zhende Medical and Guangdong Marubi
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By analyzing existing cross correlation between Zhende Medical Co and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on Zhende Medical and Guangdong Marubi 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 Zhende Medical with a short position of Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhende Medical and Guangdong Marubi.
Diversification Opportunities for Zhende Medical and Guangdong Marubi
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zhende and Guangdong is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Zhende Medical Co and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio and Zhende Medical 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 Zhende Medical Co are associated (or correlated) with Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of Zhende Medical i.e., Zhende Medical and Guangdong Marubi go up and down completely randomly.
Pair Corralation between Zhende Medical and Guangdong Marubi
Assuming the 90 days trading horizon Zhende Medical Co is expected to under-perform the Guangdong Marubi. But the stock apears to be less risky and, when comparing its historical volatility, Zhende Medical Co is 1.39 times less risky than Guangdong Marubi. The stock trades about -0.04 of its potential returns per unit of risk. The Guangdong Marubi Biotechnology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 3,981 in Guangdong Marubi Biotechnology on January 26, 2025 and sell it today you would earn a total of 142.00 from holding Guangdong Marubi Biotechnology or generate 3.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhende Medical Co vs. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| Zhende Medical |
| Guangdong Marubi Bio |
Zhende Medical and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhende Medical and Guangdong Marubi
The main advantage of trading using opposite Zhende Medical and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhende Medical position performs unexpectedly, Guangdong Marubi 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 Guangdong Marubi will offset losses from the drop in Guangdong Marubi's long position.| Zhende Medical vs. Lutian Machinery Co | Zhende Medical vs. Maccura Biotechnology Co | Zhende Medical vs. Guangdong Marubi Biotechnology | Zhende Medical vs. Xinjiang Communications Construction |
| Guangdong Marubi vs. SSAW Hotels Resorts | Guangdong Marubi vs. Hengli Petrochemical Co | Guangdong Marubi vs. BTG Hotels Group | Guangdong Marubi vs. PKU HealthCare 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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