Correlation Between Chison Medical and Inner Mongolia
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By analyzing existing cross correlation between Chison Medical Technologies and Inner Mongolia Yuan, you can compare the effects of market volatilities on Chison Medical and Inner Mongolia 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 Chison Medical with a short position of Inner Mongolia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Inner Mongolia.
Diversification Opportunities for Chison Medical and Inner Mongolia
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Chison and Inner is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Inner Mongolia Yuan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inner Mongolia Yuan and Chison 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 Chison Medical Technologies are associated (or correlated) with Inner Mongolia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inner Mongolia Yuan has no effect on the direction of Chison Medical i.e., Chison Medical and Inner Mongolia go up and down completely randomly.
Pair Corralation between Chison Medical and Inner Mongolia
Assuming the 90 days trading horizon Chison Medical Technologies is expected to generate 1.43 times more return on investment than Inner Mongolia. However, Chison Medical is 1.43 times more volatile than Inner Mongolia Yuan. It trades about 0.0 of its potential returns per unit of risk. Inner Mongolia Yuan is currently generating about -0.01 per unit of risk. If you would invest 3,429 in Chison Medical Technologies on September 14, 2024 and sell it today you would lose (610.00) from holding Chison Medical Technologies or give up 17.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. Inner Mongolia Yuan
Performance |
| Timeline |
| Chison Medical Techn |
| Inner Mongolia Yuan |
Chison Medical and Inner Mongolia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Inner Mongolia
The main advantage of trading using opposite Chison Medical and Inner Mongolia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Inner Mongolia 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 Inner Mongolia will offset losses from the drop in Inner Mongolia's long position.| Chison Medical vs. Industrial and Commercial | Chison Medical vs. Kweichow Moutai Co | Chison Medical vs. Agricultural Bank of | Chison Medical vs. China Mobile Limited |
| Inner Mongolia vs. Kontour Medical Technology | Inner Mongolia vs. Chison Medical Technologies | Inner Mongolia vs. De Rucci Healthy | Inner Mongolia vs. Lotus Health Group |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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