Correlation Between Allgens Medical and Integrated Electronic
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By analyzing existing cross correlation between Allgens Medical Technology and Integrated Electronic Systems, you can compare the effects of market volatilities on Allgens Medical and Integrated Electronic 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 Integrated Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allgens Medical and Integrated Electronic.
Diversification Opportunities for Allgens Medical and Integrated Electronic
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Allgens and Integrated is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Allgens Medical Technology and Integrated Electronic Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integrated Electronic 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 Integrated Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integrated Electronic has no effect on the direction of Allgens Medical i.e., Allgens Medical and Integrated Electronic go up and down completely randomly.
Pair Corralation between Allgens Medical and Integrated Electronic
Assuming the 90 days trading horizon Allgens Medical Technology is expected to under-perform the Integrated Electronic. But the stock apears to be less risky and, when comparing its historical volatility, Allgens Medical Technology is 1.58 times less risky than Integrated Electronic. The stock trades about -0.1 of its potential returns per unit of risk. The Integrated Electronic Systems is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 728.00 in Integrated Electronic Systems on September 12, 2024 and sell it today you would earn a total of 23.00 from holding Integrated Electronic Systems or generate 3.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allgens Medical Technology vs. Integrated Electronic Systems
Performance |
| Timeline |
| Allgens Medical Tech |
| Integrated Electronic |
Allgens Medical and Integrated Electronic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allgens Medical and Integrated Electronic
The main advantage of trading using opposite Allgens Medical and Integrated Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allgens Medical position performs unexpectedly, Integrated Electronic 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 Integrated Electronic will offset losses from the drop in Integrated Electronic's long position.| Allgens Medical vs. Cultural Investment Holdings | Allgens Medical vs. Gome Telecom Equipment | Allgens Medical vs. Holitech Technology Co | Allgens Medical vs. Zotye Automobile Co |
| Integrated Electronic vs. Agricultural Bank of | Integrated Electronic vs. Industrial and Commercial | Integrated Electronic vs. Bank of China | Integrated Electronic vs. PetroChina Co Ltd |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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