Correlation Between Chison Medical and Chengdu B
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chison Medical Technologies and Chengdu B ray Media, you can compare the effects of market volatilities on Chison Medical and Chengdu B 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 B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Chengdu B.
Diversification Opportunities for Chison Medical and Chengdu B
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chison and Chengdu is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray 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 B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of Chison Medical i.e., Chison Medical and Chengdu B go up and down completely randomly.
Pair Corralation between Chison Medical and Chengdu B
Assuming the 90 days trading horizon Chison Medical Technologies is expected to generate 1.21 times more return on investment than Chengdu B. However, Chison Medical is 1.21 times more volatile than Chengdu B ray Media. It trades about 0.18 of its potential returns per unit of risk. Chengdu B ray Media is currently generating about 0.17 per unit of risk. If you would invest 2,350 in Chison Medical Technologies on September 2, 2024 and sell it today you would earn a total of 301.00 from holding Chison Medical Technologies or generate 12.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. Chengdu B ray Media
Performance |
| Timeline |
| Chison Medical Techn |
| Chengdu B ray |
Chison Medical and Chengdu B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Chengdu B
The main advantage of trading using opposite Chison Medical and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Chengdu B 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 B will offset losses from the drop in Chengdu B's long position.| Chison Medical vs. Nanjing Putian Telecommunications | Chison Medical vs. Shenzhen Hifuture Electric | Chison Medical vs. Tianjin Realty Development | Chison Medical vs. Shenyang Huitian Thermal |
| Chengdu B vs. Kunshan Guoli Electronic | Chengdu B vs. Chison Medical Technologies | Chengdu B vs. Xian International Medical | Chengdu B vs. Shenzhen Glory Medical |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |