Correlation Between Nanjing Vishee and Winner Medical
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By analyzing existing cross correlation between Nanjing Vishee Medical and Winner Medical Co, you can compare the effects of market volatilities on Nanjing Vishee and Winner Medical 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 Nanjing Vishee with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Vishee and Winner Medical.
Diversification Opportunities for Nanjing Vishee and Winner Medical
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Nanjing and Winner is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Vishee Medical and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical and Nanjing Vishee 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 Nanjing Vishee Medical are associated (or correlated) with Winner Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical has no effect on the direction of Nanjing Vishee i.e., Nanjing Vishee and Winner Medical go up and down completely randomly.
Pair Corralation between Nanjing Vishee and Winner Medical
Assuming the 90 days trading horizon Nanjing Vishee Medical is expected to under-perform the Winner Medical. In addition to that, Nanjing Vishee is 1.16 times more volatile than Winner Medical Co. It trades about -0.28 of its total potential returns per unit of risk. Winner Medical Co is currently generating about -0.13 per unit of volatility. If you would invest 4,326 in Winner Medical Co on October 17, 2024 and sell it today you would lose (381.00) from holding Winner Medical Co or give up 8.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing Vishee Medical vs. Winner Medical Co
Performance |
| Timeline |
| Nanjing Vishee Medical |
| Winner Medical |
Nanjing Vishee and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Vishee and Winner Medical
The main advantage of trading using opposite Nanjing Vishee and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Vishee position performs unexpectedly, Winner Medical 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 Winner Medical will offset losses from the drop in Winner Medical's long position.| Nanjing Vishee vs. Holitech Technology Co | Nanjing Vishee vs. Zotye Automobile Co | Nanjing Vishee vs. Bus Online Co | Nanjing Vishee vs. Cultural Investment Holdings |
| Winner Medical vs. Nanjing Vishee Medical | Winner Medical vs. Allmed Medical Products | Winner Medical vs. Juneyao Airlines | Winner Medical vs. Spring Airlines Co |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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