Correlation Between Beijing Roborock and Shenzhen Mindray
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By analyzing existing cross correlation between Beijing Roborock Technology and Shenzhen Mindray Bio Medical, you can compare the effects of market volatilities on Beijing Roborock and Shenzhen Mindray 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 Beijing Roborock with a short position of Shenzhen Mindray. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Shenzhen Mindray.
Diversification Opportunities for Beijing Roborock and Shenzhen Mindray
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Shenzhen is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Shenzhen Mindray Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Mindray Bio and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Shenzhen Mindray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Mindray Bio has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Shenzhen Mindray go up and down completely randomly.
Pair Corralation between Beijing Roborock and Shenzhen Mindray
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Shenzhen Mindray. In addition to that, Beijing Roborock is 1.67 times more volatile than Shenzhen Mindray Bio Medical. It trades about -0.46 of its total potential returns per unit of risk. Shenzhen Mindray Bio Medical is currently generating about -0.08 per unit of volatility. If you would invest 27,660 in Shenzhen Mindray Bio Medical on August 29, 2024 and sell it today you would lose (1,002) from holding Shenzhen Mindray Bio Medical or give up 3.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Shenzhen Mindray Bio Medical
Performance |
| Timeline |
| Beijing Roborock Tec |
| Shenzhen Mindray Bio |
Beijing Roborock and Shenzhen Mindray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Shenzhen Mindray
The main advantage of trading using opposite Beijing Roborock and Shenzhen Mindray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Shenzhen Mindray 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 Shenzhen Mindray will offset losses from the drop in Shenzhen Mindray's long position.| Beijing Roborock vs. Sichuan Fulin Transportation | Beijing Roborock vs. Xinjiang Beixin RoadBridge | Beijing Roborock vs. Shanghai Broadband Technology | Beijing Roborock vs. Hunan TV Broadcast |
| Shenzhen Mindray vs. Xinjiang Baodi Mining | Shenzhen Mindray vs. Huaibei Mining Holdings | Shenzhen Mindray vs. Jilin Chemical Fibre | Shenzhen Mindray vs. Guizhou Chanhen Chemical |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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