Correlation Between Bimi International and Medavail Holdings
Can any of the company-specific risk be diversified away by investing in both Bimi International and Medavail Holdings at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bimi International and Medavail Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bimi International Medical and Medavail Holdings, you can compare the effects of market volatilities on Bimi International and Medavail Holdings 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 Bimi International with a short position of Medavail Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bimi International and Medavail Holdings.
Diversification Opportunities for Bimi International and Medavail Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bimi and Medavail is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bimi International Medical and Medavail Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Medavail Holdings and Bimi International 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 Bimi International Medical are associated (or correlated) with Medavail Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Medavail Holdings has no effect on the direction of Bimi International i.e., Bimi International and Medavail Holdings go up and down completely randomly.
Pair Corralation between Bimi International and Medavail Holdings
If you would invest 29.00 in Medavail Holdings on November 1, 2024 and sell it today you would earn a total of 0.00 from holding Medavail Holdings or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bimi International Medical vs. Medavail Holdings
Performance |
| Timeline |
| Bimi International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Medavail Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bimi International and Medavail Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bimi International and Medavail Holdings
The main advantage of trading using opposite Bimi International and Medavail Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bimi International position performs unexpectedly, Medavail Holdings 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 Medavail Holdings will offset losses from the drop in Medavail Holdings' long position.| Bimi International vs. PetMed Express | Bimi International vs. Allstar Health Brands | Bimi International vs. SunLink Health Systems | Bimi International vs. China Jo Jo Drugstores |
| Medavail Holdings vs. Allstar Health Brands | Medavail Holdings vs. China Jo Jo Drugstores | Medavail Holdings vs. SunLink Health Systems |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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