Correlation Between Xiangyu Medical and Shenzhen Worldunion
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xiangyu Medical Co and Shenzhen Worldunion Properties, you can compare the effects of market volatilities on Xiangyu Medical and Shenzhen Worldunion 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 Xiangyu Medical with a short position of Shenzhen Worldunion. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Shenzhen Worldunion.
Diversification Opportunities for Xiangyu Medical and Shenzhen Worldunion
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xiangyu and Shenzhen is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Shenzhen Worldunion Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Worldunion and Xiangyu 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 Xiangyu Medical Co are associated (or correlated) with Shenzhen Worldunion. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Worldunion has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Shenzhen Worldunion go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Shenzhen Worldunion
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to generate 0.93 times more return on investment than Shenzhen Worldunion. However, Xiangyu Medical Co is 1.08 times less risky than Shenzhen Worldunion. It trades about 0.01 of its potential returns per unit of risk. Shenzhen Worldunion Properties is currently generating about 0.01 per unit of risk. If you would invest 3,186 in Xiangyu Medical Co on September 2, 2024 and sell it today you would lose (14.00) from holding Xiangyu Medical Co or give up 0.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Shenzhen Worldunion Properties
Performance |
| Timeline |
| Xiangyu Medical |
| Shenzhen Worldunion |
Xiangyu Medical and Shenzhen Worldunion Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Shenzhen Worldunion
The main advantage of trading using opposite Xiangyu Medical and Shenzhen Worldunion positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Shenzhen Worldunion 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 Shenzhen Worldunion will offset losses from the drop in Shenzhen Worldunion's long position.| Xiangyu Medical vs. Nanjing Putian Telecommunications | Xiangyu Medical vs. Shenzhen Hifuture Electric | Xiangyu Medical vs. Tianjin Realty Development | Xiangyu Medical vs. Shenyang Huitian Thermal |
| Shenzhen Worldunion vs. Easyhome New Retail | Shenzhen Worldunion vs. Hubei Geoway Investment | Shenzhen Worldunion vs. Guangzhou Seagull Kitchen | Shenzhen Worldunion vs. China World Trade |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |