Correlation Between Xiangyu Medical and Allmed Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xiangyu Medical Co and Allmed Medical Products, you can compare the effects of market volatilities on Xiangyu Medical and Allmed 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 Xiangyu Medical with a short position of Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Allmed Medical.
Diversification Opportunities for Xiangyu Medical and Allmed Medical
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xiangyu and Allmed is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and Allmed Medical Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allmed Medical Products 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 Allmed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allmed Medical Products has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and Allmed Medical go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Allmed Medical
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to generate 1.44 times more return on investment than Allmed Medical. However, Xiangyu Medical is 1.44 times more volatile than Allmed Medical Products. It trades about 0.02 of its potential returns per unit of risk. Allmed Medical Products is currently generating about -0.03 per unit of risk. If you would invest 3,149 in Xiangyu Medical Co on September 3, 2024 and sell it today you would earn a total of 63.00 from holding Xiangyu Medical Co or generate 2.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. Allmed Medical Products
Performance |
| Timeline |
| Xiangyu Medical |
| Allmed Medical Products |
Xiangyu Medical and Allmed Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and Allmed Medical
The main advantage of trading using opposite Xiangyu Medical and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, Allmed 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 Allmed Medical will offset losses from the drop in Allmed Medical's long position.| Xiangyu Medical vs. Hainan Mining Co | Xiangyu Medical vs. Western Mining Co | Xiangyu Medical vs. Zhejiang Kingland Pipeline | Xiangyu Medical vs. Jiangsu Yueda Investment |
| Allmed Medical vs. FSPG Hi Tech Co | Allmed Medical vs. Caihong Display Devices | Allmed Medical vs. Suzhou Mingzhi Technology | Allmed Medical vs. Jonjee Hi tech Industrial |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |