Correlation Between Chison Medical and Changshu Automotive
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By analyzing existing cross correlation between Chison Medical Technologies and Changshu Automotive Trim, you can compare the effects of market volatilities on Chison Medical and Changshu Automotive 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 Changshu Automotive. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chison Medical and Changshu Automotive.
Diversification Opportunities for Chison Medical and Changshu Automotive
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Chison and Changshu is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Chison Medical Technologies and Changshu Automotive Trim in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changshu Automotive Trim 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 Changshu Automotive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changshu Automotive Trim has no effect on the direction of Chison Medical i.e., Chison Medical and Changshu Automotive go up and down completely randomly.
Pair Corralation between Chison Medical and Changshu Automotive
Assuming the 90 days trading horizon Chison Medical Technologies is expected to generate 1.6 times more return on investment than Changshu Automotive. However, Chison Medical is 1.6 times more volatile than Changshu Automotive Trim. It trades about 0.02 of its potential returns per unit of risk. Changshu Automotive Trim is currently generating about -0.01 per unit of risk. If you would invest 3,341 in Chison Medical Technologies on December 4, 2024 and sell it today you would earn a total of 104.00 from holding Chison Medical Technologies or generate 3.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Chison Medical Technologies vs. Changshu Automotive Trim
Performance |
| Timeline |
| Chison Medical Techn |
| Changshu Automotive Trim |
Chison Medical and Changshu Automotive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chison Medical and Changshu Automotive
The main advantage of trading using opposite Chison Medical and Changshu Automotive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chison Medical position performs unexpectedly, Changshu Automotive 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 Changshu Automotive will offset losses from the drop in Changshu Automotive's long position.| Chison Medical vs. Shaanxi Meineng Clean | Chison Medical vs. Ningbo Tech Bank Co | Chison Medical vs. Xinxiang Chemical Fiber | Chison Medical vs. Porton Fine Chemicals |
| Changshu Automotive vs. Dhc Software Co | Changshu Automotive vs. Glodon Software Co | Changshu Automotive vs. Gansu Huangtai Wine marketing | Changshu Automotive vs. China National Software |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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