Correlation Between Chison Medical and Cultural Investment
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By analyzing existing cross correlation between Chison Medical Technologies and Cultural Investment Holdings, you can compare the effects of market volatilities on Chison Medical and Cultural Investment 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 Cultural Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Cultural Investment.
Diversification Opportunities for Chison Medical and Cultural Investment
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Chison and Cultural is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Cultural Investment Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cultural Investment 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 Cultural Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cultural Investment has no effect on the direction of Chison Medical i.e., Chison Medical and Cultural Investment go up and down completely randomly.
Pair Corralation between Chison Medical and Cultural Investment
Assuming the 90 days trading horizon Chison Medical Technologies is expected to generate 0.99 times more return on investment than Cultural Investment. However, Chison Medical Technologies is 1.01 times less risky than Cultural Investment. It trades about 0.07 of its potential returns per unit of risk. Cultural Investment Holdings is currently generating about 0.03 per unit of risk. If you would invest 2,721 in Chison Medical Technologies on September 13, 2024 and sell it today you would earn a total of 108.00 from holding Chison Medical Technologies or generate 3.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. Cultural Investment Holdings
Performance |
| Timeline |
| Chison Medical Techn |
| Cultural Investment |
Chison Medical and Cultural Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Cultural Investment
The main advantage of trading using opposite Chison Medical and Cultural Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Cultural Investment 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 Cultural Investment will offset losses from the drop in Cultural Investment's long position.| Chison Medical vs. Zhengzhou Qianweiyangchu Food | Chison Medical vs. Changchun Faway Automobile | Chison Medical vs. Jiajia Food Group | Chison Medical vs. Suzhou Weizhixiang Food |
| Cultural Investment vs. Industrial and Commercial | Cultural Investment vs. China Construction Bank | Cultural Investment vs. Agricultural Bank of | Cultural Investment vs. Bank of China |
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 CEOs Directory module to screen CEOs from public companies around the world.
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