Correlation Between Chison Medical and Cinda Securities
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By analyzing existing cross correlation between Chison Medical Technologies and Cinda Securities Co, you can compare the effects of market volatilities on Chison Medical and Cinda Securities 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 Cinda Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Cinda Securities.
Diversification Opportunities for Chison Medical and Cinda Securities
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Chison and Cinda is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Cinda Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cinda Securities 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 Cinda Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cinda Securities has no effect on the direction of Chison Medical i.e., Chison Medical and Cinda Securities go up and down completely randomly.
Pair Corralation between Chison Medical and Cinda Securities
Assuming the 90 days trading horizon Chison Medical Technologies is expected to generate 1.51 times more return on investment than Cinda Securities. However, Chison Medical is 1.51 times more volatile than Cinda Securities Co. It trades about 0.04 of its potential returns per unit of risk. Cinda Securities Co is currently generating about -0.04 per unit of risk. If you would invest 2,777 in Chison Medical Technologies on September 14, 2024 and sell it today you would earn a total of 42.00 from holding Chison Medical Technologies or generate 1.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. Cinda Securities Co
Performance |
| Timeline |
| Chison Medical Techn |
| Cinda Securities |
Chison Medical and Cinda Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Cinda Securities
The main advantage of trading using opposite Chison Medical and Cinda Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Cinda Securities 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 Cinda Securities will offset losses from the drop in Cinda Securities' long position.| Chison Medical vs. Industrial and Commercial | Chison Medical vs. Kweichow Moutai Co | Chison Medical vs. Agricultural Bank of | Chison Medical vs. China Mobile Limited |
| Cinda Securities vs. Chison Medical Technologies | Cinda Securities vs. Eastern Air Logistics | Cinda Securities vs. Hangzhou Gisway Information | Cinda Securities vs. Air China Ltd |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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