Correlation Between Tinavi Medical and Shanghai Sanyou
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By analyzing existing cross correlation between Tinavi Medical Technologies and Shanghai Sanyou Medical, you can compare the effects of market volatilities on Tinavi Medical and Shanghai Sanyou 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 Tinavi Medical with a short position of Shanghai Sanyou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tinavi Medical and Shanghai Sanyou.
Diversification Opportunities for Tinavi Medical and Shanghai Sanyou
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Tinavi and Shanghai is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Tinavi Medical Technologies and Shanghai Sanyou Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Sanyou Medical and Tinavi 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 Tinavi Medical Technologies are associated (or correlated) with Shanghai Sanyou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Sanyou Medical has no effect on the direction of Tinavi Medical i.e., Tinavi Medical and Shanghai Sanyou go up and down completely randomly.
Pair Corralation between Tinavi Medical and Shanghai Sanyou
Assuming the 90 days trading horizon Tinavi Medical Technologies is expected to under-perform the Shanghai Sanyou. But the stock apears to be less risky and, when comparing its historical volatility, Tinavi Medical Technologies is 1.1 times less risky than Shanghai Sanyou. The stock trades about -0.17 of its potential returns per unit of risk. The Shanghai Sanyou Medical is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 2,028 in Shanghai Sanyou Medical on October 20, 2024 and sell it today you would lose (6.00) from holding Shanghai Sanyou Medical or give up 0.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tinavi Medical Technologies vs. Shanghai Sanyou Medical
Performance |
| Timeline |
| Tinavi Medical Techn |
| Shanghai Sanyou Medical |
Tinavi Medical and Shanghai Sanyou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tinavi Medical and Shanghai Sanyou
The main advantage of trading using opposite Tinavi Medical and Shanghai Sanyou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tinavi Medical position performs unexpectedly, Shanghai Sanyou 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 Shanghai Sanyou will offset losses from the drop in Shanghai Sanyou's long position.| Tinavi Medical vs. Offshore Oil Engineering | Tinavi Medical vs. Soochow Suzhou Industrial | Tinavi Medical vs. Western Metal Materials | Tinavi Medical vs. Chengdu B ray Media |
| Shanghai Sanyou vs. PKU HealthCare Corp | Shanghai Sanyou vs. Shenzhen Centralcon Investment | Shanghai Sanyou vs. Hubei Geoway Investment | Shanghai Sanyou vs. Zoje Resources Investment |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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