Correlation Between Allgens Medical and Beijing Roborock
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By analyzing existing cross correlation between Allgens Medical Technology and Beijing Roborock Technology, you can compare the effects of market volatilities on Allgens Medical and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allgens Medical and Beijing Roborock.
Diversification Opportunities for Allgens Medical and Beijing Roborock
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Allgens and Beijing is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Allgens Medical Technology and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Allgens Medical i.e., Allgens Medical and Beijing Roborock go up and down completely randomly.
Pair Corralation between Allgens Medical and Beijing Roborock
Assuming the 90 days trading horizon Allgens Medical Technology is expected to generate 1.05 times more return on investment than Beijing Roborock. However, Allgens Medical is 1.05 times more volatile than Beijing Roborock Technology. It trades about 0.18 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.02 per unit of risk. If you would invest 1,760 in Allgens Medical Technology on September 15, 2024 and sell it today you would earn a total of 194.00 from holding Allgens Medical Technology or generate 11.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allgens Medical Technology vs. Beijing Roborock Technology
Performance |
| Timeline |
| Allgens Medical Tech |
| Beijing Roborock Tec |
Allgens Medical and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allgens Medical and Beijing Roborock
The main advantage of trading using opposite Allgens Medical and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allgens Medical position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Allgens Medical vs. Industrial and Commercial | Allgens Medical vs. Kweichow Moutai Co | Allgens Medical vs. Agricultural Bank of | Allgens Medical vs. China Mobile Limited |
| Beijing Roborock vs. Pengxin International Mining | Beijing Roborock vs. Shenzhen Silver Basis | Beijing Roborock vs. Allgens Medical Technology | Beijing Roborock vs. Huatian Hotel Group |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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