Correlation Between Chison Medical and Chengdu Spaceon
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By analyzing existing cross correlation between Chison Medical Technologies and Chengdu Spaceon Electronics, you can compare the effects of market volatilities on Chison Medical and Chengdu Spaceon 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 Chengdu Spaceon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Chengdu Spaceon.
Diversification Opportunities for Chison Medical and Chengdu Spaceon
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chison and Chengdu is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Chengdu Spaceon Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Spaceon Elec 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 Chengdu Spaceon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Spaceon Elec has no effect on the direction of Chison Medical i.e., Chison Medical and Chengdu Spaceon go up and down completely randomly.
Pair Corralation between Chison Medical and Chengdu Spaceon
Assuming the 90 days trading horizon Chison Medical Technologies is expected to under-perform the Chengdu Spaceon. In addition to that, Chison Medical is 1.09 times more volatile than Chengdu Spaceon Electronics. It trades about -0.06 of its total potential returns per unit of risk. Chengdu Spaceon Electronics is currently generating about -0.02 per unit of volatility. If you would invest 1,578 in Chengdu Spaceon Electronics on October 16, 2024 and sell it today you would lose (48.00) from holding Chengdu Spaceon Electronics or give up 3.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. Chengdu Spaceon Electronics
Performance |
| Timeline |
| Chison Medical Techn |
| Chengdu Spaceon Elec |
Chison Medical and Chengdu Spaceon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Chengdu Spaceon
The main advantage of trading using opposite Chison Medical and Chengdu Spaceon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Chengdu Spaceon 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 Chengdu Spaceon will offset losses from the drop in Chengdu Spaceon's long position.| Chison Medical vs. Shenzhen MYS Environmental | Chison Medical vs. Thunder Software Technology | Chison Medical vs. Qiaoyin Environmental Tech | Chison Medical vs. Digiwin Software Co |
| Chengdu Spaceon vs. Qingdao Haier Biomedical | Chengdu Spaceon vs. Shanghai Sanyou Medical | Chengdu Spaceon vs. Chison Medical Technologies | Chengdu Spaceon vs. Shanghai Phichem Material |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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