Correlation Between Suzhou Oriental and Winner Medical Co
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By analyzing existing cross correlation between Suzhou Oriental Semiconductor and Winner Medical Co, you can compare the effects of market volatilities on Suzhou Oriental and Winner Medical Co 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 Suzhou Oriental with a short position of Winner Medical Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Oriental and Winner Medical Co.
Diversification Opportunities for Suzhou Oriental and Winner Medical Co
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Suzhou and Winner is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Oriental Semiconductor and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical Co and Suzhou Oriental 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 Suzhou Oriental Semiconductor are associated (or correlated) with Winner Medical Co. 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 Co has no effect on the direction of Suzhou Oriental i.e., Suzhou Oriental and Winner Medical Co go up and down completely randomly.
Pair Corralation between Suzhou Oriental and Winner Medical Co
Assuming the 90 days trading horizon Suzhou Oriental is expected to generate 1.24 times less return on investment than Winner Medical Co. But when comparing it to its historical volatility, Suzhou Oriental Semiconductor is 1.0 times less risky than Winner Medical Co. It trades about 0.11 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 3,910 in Winner Medical Co on December 8, 2024 and sell it today you would earn a total of 345.00 from holding Winner Medical Co or generate 8.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Oriental Semiconductor vs. Winner Medical Co
Performance |
| Timeline |
| Suzhou Oriental Semi |
| Winner Medical Co |
Suzhou Oriental and Winner Medical Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Oriental and Winner Medical Co
The main advantage of trading using opposite Suzhou Oriental and Winner Medical Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Oriental position performs unexpectedly, Winner Medical Co 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 Co will offset losses from the drop in Winner Medical Co's long position.| Suzhou Oriental vs. Uroica Mining Safety | ||
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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