Correlation Between Lutian Machinery and Winner Medical
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By analyzing existing cross correlation between Lutian Machinery Co and Winner Medical Co, you can compare the effects of market volatilities on Lutian Machinery 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 Lutian Machinery with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lutian Machinery and Winner Medical.
Diversification Opportunities for Lutian Machinery and Winner Medical
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Lutian and Winner is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Lutian Machinery Co and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Lutian Machinery 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 Lutian Machinery Co 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 Lutian Machinery i.e., Lutian Machinery and Winner Medical go up and down completely randomly.
Pair Corralation between Lutian Machinery and Winner Medical
Assuming the 90 days trading horizon Lutian Machinery is expected to generate 1.35 times less return on investment than Winner Medical. In addition to that, Lutian Machinery is 1.11 times more volatile than Winner Medical Co. It trades about 0.13 of its total potential returns per unit of risk. Winner Medical Co is currently generating about 0.19 per unit of volatility. If you would invest 3,058 in Winner Medical Co on August 29, 2024 and sell it today you would earn a total of 326.00 from holding Winner Medical Co or generate 10.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lutian Machinery Co vs. Winner Medical Co
Performance |
| Timeline |
| Lutian Machinery |
| Winner Medical |
Lutian Machinery and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lutian Machinery and Winner Medical
The main advantage of trading using opposite Lutian Machinery and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lutian Machinery 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.| Lutian Machinery vs. Winner Medical Co | Lutian Machinery vs. Shengda Mining Co | Lutian Machinery vs. Guangdong Silvere Sci | Lutian Machinery vs. Guocheng Mining Co |
| Winner Medical vs. Industrial and Commercial | Winner Medical vs. China Construction Bank | Winner Medical vs. Agricultural Bank of | Winner Medical vs. Bank of China |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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