Correlation Between Sino Medical and Industrial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sino Medical Sciences and Industrial and Commercial, you can compare the effects of market volatilities on Sino Medical and Industrial 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 Sino Medical with a short position of Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sino Medical and Industrial.
Diversification Opportunities for Sino Medical and Industrial
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sino and Industrial is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Sino Medical Sciences and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial and Sino 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 Sino Medical Sciences are associated (or correlated) with Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Sino Medical i.e., Sino Medical and Industrial go up and down completely randomly.
Pair Corralation between Sino Medical and Industrial
Assuming the 90 days trading horizon Sino Medical Sciences is expected to generate 3.06 times more return on investment than Industrial. However, Sino Medical is 3.06 times more volatile than Industrial and Commercial. It trades about 0.05 of its potential returns per unit of risk. Industrial and Commercial is currently generating about 0.09 per unit of risk. If you would invest 603.00 in Sino Medical Sciences on December 4, 2024 and sell it today you would earn a total of 434.00 from holding Sino Medical Sciences or generate 71.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sino Medical Sciences vs. Industrial and Commercial
Performance |
| Timeline |
| Sino Medical Sciences |
| Industrial and Commercial |
Sino Medical and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sino Medical and Industrial
The main advantage of trading using opposite Sino Medical and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sino Medical position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.| Sino Medical vs. Hubei Tech Semiconductors | Sino Medical vs. Zhangjiagang Freetrade Science | Sino Medical vs. Yuanjie Semiconductor Technology | Sino Medical vs. Time Publishing and |
| Industrial vs. Aluminum Corp of | Industrial vs. Rising Nonferrous Metals | Industrial vs. Yonghui Superstores Co | Industrial vs. Marssenger Kitchenware 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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Transaction History View history of all your transactions and understand their impact on performance |