Correlation Between Chison Medical and Wintao Communications
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By analyzing existing cross correlation between Chison Medical Technologies and Wintao Communications Co, you can compare the effects of market volatilities on Chison Medical and Wintao Communications 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 Wintao Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Wintao Communications.
Diversification Opportunities for Chison Medical and Wintao Communications
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chison and Wintao is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Wintao Communications Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wintao Communications 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 Wintao Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wintao Communications has no effect on the direction of Chison Medical i.e., Chison Medical and Wintao Communications go up and down completely randomly.
Pair Corralation between Chison Medical and Wintao Communications
Assuming the 90 days trading horizon Chison Medical Technologies is expected to under-perform the Wintao Communications. But the stock apears to be less risky and, when comparing its historical volatility, Chison Medical Technologies is 1.16 times less risky than Wintao Communications. The stock trades about -0.01 of its potential returns per unit of risk. The Wintao Communications Co is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 2,681 in Wintao Communications Co on October 11, 2024 and sell it today you would lose (614.00) from holding Wintao Communications Co or give up 22.9% 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. Wintao Communications Co
Performance |
| Timeline |
| Chison Medical Techn |
| Wintao Communications |
Chison Medical and Wintao Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Wintao Communications
The main advantage of trading using opposite Chison Medical and Wintao Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Wintao Communications 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 Wintao Communications will offset losses from the drop in Wintao Communications' long position.| Chison Medical vs. Universal Scientific Industrial | Chison Medical vs. Qingdao Choho Industrial | Chison Medical vs. Shuhua Sports Co | Chison Medical vs. Gem Year Industrial Co |
| Wintao Communications vs. Humanwell Healthcare Group | Wintao Communications vs. Andon Health Co | Wintao Communications vs. Mingchen Health Co | Wintao Communications vs. Chison Medical Technologies |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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