Correlation Between Allgens Medical and Citic Offshore
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By analyzing existing cross correlation between Allgens Medical Technology and Citic Offshore Helicopter, you can compare the effects of market volatilities on Allgens Medical and Citic Offshore 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 Allgens Medical with a short position of Citic Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allgens Medical and Citic Offshore.
Diversification Opportunities for Allgens Medical and Citic Offshore
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Allgens and Citic is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Allgens Medical Technology and Citic Offshore Helicopter in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citic Offshore Helicopter and Allgens 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 Allgens Medical Technology are associated (or correlated) with Citic Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citic Offshore Helicopter has no effect on the direction of Allgens Medical i.e., Allgens Medical and Citic Offshore go up and down completely randomly.
Pair Corralation between Allgens Medical and Citic Offshore
Assuming the 90 days trading horizon Allgens Medical Technology is expected to generate 0.83 times more return on investment than Citic Offshore. However, Allgens Medical Technology is 1.21 times less risky than Citic Offshore. It trades about -0.18 of its potential returns per unit of risk. Citic Offshore Helicopter is currently generating about -0.26 per unit of risk. If you would invest 1,889 in Allgens Medical Technology on October 12, 2024 and sell it today you would lose (209.00) from holding Allgens Medical Technology or give up 11.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allgens Medical Technology vs. Citic Offshore Helicopter
Performance |
| Timeline |
| Allgens Medical Tech |
| Citic Offshore Helicopter |
Allgens Medical and Citic Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allgens Medical and Citic Offshore
The main advantage of trading using opposite Allgens Medical and Citic Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allgens Medical position performs unexpectedly, Citic Offshore 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 Citic Offshore will offset losses from the drop in Citic Offshore's long position.| Allgens Medical vs. Bingo Software Co | Allgens Medical vs. Jiangxi Hengda Hi Tech | Allgens Medical vs. Linewell Software Co | Allgens Medical vs. Caihong Display Devices |
| Citic Offshore vs. Qingdao Haier Biomedical | Citic Offshore vs. Touchstone International Medical | Citic Offshore vs. Shenzhen Bioeasy Biotechnology | Citic Offshore vs. Allgens Medical Technology |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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