Correlation Between Kunshan Guoli and Innovative Medical
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By analyzing existing cross correlation between Kunshan Guoli Electronic and Innovative Medical Management, you can compare the effects of market volatilities on Kunshan Guoli and Innovative 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 Kunshan Guoli with a short position of Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kunshan Guoli and Innovative Medical.
Diversification Opportunities for Kunshan Guoli and Innovative Medical
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Kunshan and Innovative is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Kunshan Guoli Electronic and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical and Kunshan Guoli 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 Kunshan Guoli Electronic are associated (or correlated) with Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Kunshan Guoli i.e., Kunshan Guoli and Innovative Medical go up and down completely randomly.
Pair Corralation between Kunshan Guoli and Innovative Medical
Assuming the 90 days trading horizon Kunshan Guoli Electronic is expected to generate 0.87 times more return on investment than Innovative Medical. However, Kunshan Guoli Electronic is 1.15 times less risky than Innovative Medical. It trades about 0.04 of its potential returns per unit of risk. Innovative Medical Management is currently generating about 0.02 per unit of risk. If you would invest 4,200 in Kunshan Guoli Electronic on September 2, 2024 and sell it today you would earn a total of 60.00 from holding Kunshan Guoli Electronic or generate 1.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kunshan Guoli Electronic vs. Innovative Medical Management
Performance |
| Timeline |
| Kunshan Guoli Electronic |
| Innovative Medical |
Kunshan Guoli and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kunshan Guoli and Innovative Medical
The main advantage of trading using opposite Kunshan Guoli and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kunshan Guoli position performs unexpectedly, Innovative 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Kunshan Guoli vs. HaiXin Foods Co | Kunshan Guoli vs. Guangdong Brandmax Marketing | Kunshan Guoli vs. Youyou Foods Co | Kunshan Guoli vs. Gan Yuan Foods |
| Innovative Medical vs. China Life Insurance | Innovative Medical vs. Cinda Securities Co | Innovative Medical vs. Piotech Inc A | Innovative Medical vs. Dongxing Sec Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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