Correlation Between Xiangpiaopiao Food and Allmed Medical
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By analyzing existing cross correlation between Xiangpiaopiao Food Co and Allmed Medical Products, you can compare the effects of market volatilities on Xiangpiaopiao Food 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 Xiangpiaopiao Food with a short position of Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangpiaopiao Food and Allmed Medical.
Diversification Opportunities for Xiangpiaopiao Food and Allmed Medical
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Xiangpiaopiao and Allmed is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Xiangpiaopiao Food 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 Xiangpiaopiao Food 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 Xiangpiaopiao Food 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 Xiangpiaopiao Food i.e., Xiangpiaopiao Food and Allmed Medical go up and down completely randomly.
Pair Corralation between Xiangpiaopiao Food and Allmed Medical
Assuming the 90 days trading horizon Xiangpiaopiao Food Co is expected to under-perform the Allmed Medical. In addition to that, Xiangpiaopiao Food is 1.93 times more volatile than Allmed Medical Products. It trades about -0.12 of its total potential returns per unit of risk. Allmed Medical Products is currently generating about 0.21 per unit of volatility. If you would invest 873.00 in Allmed Medical Products on November 1, 2024 and sell it today you would earn a total of 84.00 from holding Allmed Medical Products or generate 9.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangpiaopiao Food Co vs. Allmed Medical Products
Performance |
| Timeline |
| Xiangpiaopiao Food |
| Allmed Medical Products |
Xiangpiaopiao Food and Allmed Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangpiaopiao Food and Allmed Medical
The main advantage of trading using opposite Xiangpiaopiao Food and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangpiaopiao Food 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.| Xiangpiaopiao Food vs. HaiXin Foods Co | Xiangpiaopiao Food vs. JuneYao Dairy Co | Xiangpiaopiao Food vs. Namchow Food Group | Xiangpiaopiao Food vs. Gan Yuan Foods |
| Allmed Medical vs. Heilongjiang Transport Development | Allmed Medical vs. Xiangpiaopiao Food Co | Allmed Medical vs. Shanghai Broadband Technology | Allmed Medical vs. Shaanxi Broadcast TV |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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