Correlation Between Fujian Anjoy and Winner Medical
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By analyzing existing cross correlation between Fujian Anjoy Foods and Winner Medical Co, you can compare the effects of market volatilities on Fujian Anjoy 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 Fujian Anjoy with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Winner Medical.
Diversification Opportunities for Fujian Anjoy and Winner Medical
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fujian and Winner is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Fujian Anjoy 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 Fujian Anjoy Foods 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 Fujian Anjoy i.e., Fujian Anjoy and Winner Medical go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Winner Medical
Assuming the 90 days trading horizon Fujian Anjoy is expected to generate 3.05 times less return on investment than Winner Medical. But when comparing it to its historical volatility, Fujian Anjoy Foods is 1.08 times less risky than Winner Medical. It trades about 0.02 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,984 in Winner Medical Co on October 29, 2024 and sell it today you would earn a total of 1,038 from holding Winner Medical Co or generate 34.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.58% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Winner Medical Co
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Winner Medical |
Fujian Anjoy and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Winner Medical
The main advantage of trading using opposite Fujian Anjoy and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy 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.| Fujian Anjoy vs. China Building Material | Fujian Anjoy vs. Western Metal Materials | Fujian Anjoy vs. China Life Insurance | Fujian Anjoy vs. Fuda Alloy Materials |
| Winner Medical vs. Agricultural Bank of | Winner Medical vs. Industrial and Commercial | Winner Medical vs. Bank of China | Winner Medical vs. China Construction Bank |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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