Correlation Between Chison Medical and Holitech Technology
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By analyzing existing cross correlation between Chison Medical Technologies and Holitech Technology Co, you can compare the effects of market volatilities on Chison Medical and Holitech Technology 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 Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Holitech Technology.
Diversification Opportunities for Chison Medical and Holitech Technology
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Chison and Holitech is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology 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 Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of Chison Medical i.e., Chison Medical and Holitech Technology go up and down completely randomly.
Pair Corralation between Chison Medical and Holitech Technology
Assuming the 90 days trading horizon Chison Medical Technologies is expected to generate 0.52 times more return on investment than Holitech Technology. However, Chison Medical Technologies is 1.94 times less risky than Holitech Technology. It trades about -0.23 of its potential returns per unit of risk. Holitech Technology Co is currently generating about -0.24 per unit of risk. If you would invest 2,630 in Chison Medical Technologies on October 21, 2024 and sell it today you would lose (216.00) from holding Chison Medical Technologies or give up 8.21% 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. Holitech Technology Co
Performance |
| Timeline |
| Chison Medical Techn |
| Holitech Technology |
Chison Medical and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Holitech Technology
The main advantage of trading using opposite Chison Medical and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Holitech Technology 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| Chison Medical vs. Industrial and Commercial | Chison Medical vs. Agricultural Bank of | Chison Medical vs. China Construction Bank | Chison Medical vs. Bank of China |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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