Correlation Between Chison Medical and Industrial
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By analyzing existing cross correlation between Chison Medical Technologies and Industrial and Commercial, you can compare the effects of market volatilities on Chison Medical and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Industrial.
Diversification Opportunities for Chison Medical and Industrial
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Chison and Industrial is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Chison Medical i.e., Chison Medical and Industrial go up and down completely randomly.
Pair Corralation between Chison Medical and Industrial
Assuming the 90 days trading horizon Chison Medical Technologies is expected to under-perform the Industrial. In addition to that, Chison Medical is 1.24 times more volatile than Industrial and Commercial. It trades about -0.23 of its total potential returns per unit of risk. Industrial and Commercial is currently generating about 0.05 per unit of volatility. If you would invest 653.00 in Industrial and Commercial on October 21, 2024 and sell it today you would earn a total of 8.00 from holding Industrial and Commercial or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chison Medical Technologies vs. Industrial and Commercial
Performance |
| Timeline |
| Chison Medical Techn |
| Industrial and Commercial |
Chison Medical and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Industrial
The main advantage of trading using opposite Chison Medical and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.| Chison Medical vs. Industrial and Commercial | Chison Medical vs. Agricultural Bank of | Chison Medical vs. China Construction Bank | Chison Medical vs. Bank of China |
| Industrial vs. Shenzhen Silver Basis | Industrial vs. Dezhan HealthCare Co | Industrial vs. De Rucci Healthy | Industrial vs. Humanwell Healthcare Group |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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