Correlation Between CareRay Digital and Winner Medical
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By analyzing existing cross correlation between CareRay Digital Medical and Winner Medical Co, you can compare the effects of market volatilities on CareRay Digital 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 CareRay Digital with a short position of Winner Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and Winner Medical.
Diversification Opportunities for CareRay Digital and Winner Medical
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between CareRay and Winner is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital 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 CareRay Digital 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 CareRay Digital 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 CareRay Digital i.e., CareRay Digital and Winner Medical go up and down completely randomly.
Pair Corralation between CareRay Digital and Winner Medical
Assuming the 90 days trading horizon CareRay Digital is expected to generate 3.04 times less return on investment than Winner Medical. But when comparing it to its historical volatility, CareRay Digital Medical is 1.08 times less risky than Winner Medical. It trades about 0.01 of its potential returns per unit of risk. Winner Medical Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 4,105 in Winner Medical Co on October 23, 2024 and sell it today you would earn a total of 52.00 from holding Winner Medical Co or generate 1.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
CareRay Digital Medical vs. Winner Medical Co
Performance |
| Timeline |
| CareRay Digital Medical |
| Winner Medical |
CareRay Digital and Winner Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and Winner Medical
The main advantage of trading using opposite CareRay Digital and Winner Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital 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.| CareRay Digital vs. Jinxiandai Information Industry | CareRay Digital vs. XinJiang GuoTong Pipeline | CareRay Digital vs. Huasi Agricultural Development | CareRay Digital vs. Shandong Longquan Pipeline |
| Winner Medical vs. GRINM Semiconductor Materials | Winner Medical vs. Financial Street Holdings | Winner Medical vs. Unisplendour Corp | Winner Medical vs. Qilu Bank 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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